ICBC bond: latest step on London’s road to RMB dominance
(JPM) has agreed to pay about $100 million to resolve the Commodity Futures Trading Commissions probe into the firms botched derivatives bets last year, according to people briefed on the matter. The deal, which would bring the banks total settlements in the episode to more than $1 billion, may be announced as early as this week, the people said, asking not to be named because the talks were confidential. The accord would resolve a CFTC assertion that the trading amounted to a manipulative device, the people said. CFTC Chairman Gary Gensler and Joseph Evangelisti , a spokesman for the company, declined to comment. JPMorgan agreed last month to pay $920 million to resolve related U.S. and U.K. probes into its internal controls and handling of the trades, which inflicted at least $6.2 billion in losses last year. The New York-based firm said at the time that the CFTC also threatened to bring a case. That inquiry had looked into whether the trades manipulated markets, a person with knowledge of the matter said then. The accords dont end all of the investigations of the transactions managed by Bruno Iksil, the Frenchman known as the London Whale because of the size of his bets. The Securities and Exchange Commission has said its inquiry remains open while the U.S. Justice Department runs a parallel probe.
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