The U.K.'s Financial Conduct Authority is reviewing allegations of precious metals market manipulation by certain JPMorgan Chase & Co. traders following a U.S. probe on a similar matter, Reuters reported citing people familiar with the matter.
The financial services regulator — which has requested documents and other information from JPMorgan — is among the authorities that the New York-based company has previously said were investigating its metals trading, said the report. The exact scope of the review by the FCA, was, however, unclear.
JPMorgan is under investigation for alleged "spoofing," or rigging the metals market by creating false demand to reap more benefits, according to a prior report from Reuters.
The U.S. Department of Justice has already charged one former and two current JPMorgan employees with manipulating the markets for precious metals futures contracts. The company has placed the two current employees on leave.
