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JPMorgan unit to pay $65M for attempted manipulation of US Dollar ISDAFIX

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JPMorgan unit to pay $65M for attempted manipulation of US Dollar ISDAFIX

The U.S. Commodity Futures Trading Commission on June 18 imposed a $65 million civil monetary penalty on JPMorgan Chase Bank NA as a settlement for charges against the bank for attempted manipulation of a global benchmark interest rate.

The commission said the bank, over a five-year period, starting around January 2007 and lasting through January 2012, falsified reports and attempted to manipulate the U.S. Dollar International Swaps and Derivatives Association Fix, to benefit its own positions, such as cash-settled options on interest rate swaps.

The bank is a unit of JPMorgan Chase & Co.