Competition record
JPMorgan
Deep profile · 1 linked library matter
JPMorgan is the American bank recorded under this library id, with a major foreign-exchange trading desk. It was fined in the EU cartel around the WM/Reuters fix from roughly 2007 to 2013.
Overview
JPMorgan is a major American bank. This library id is jpmorgan. The bank's markets division trades currencies in large size for corporations, investors, and the firm's own account. The WM/Reuters fix is the London benchmark many of those clients use as the day's exchange rate.
From roughly 2007 to 2013, traders at JPMorgan and other banks used chat rooms to coordinate around that fix. They shared confidential order information and aligned trading so the published rate would move in a helpful direction. The library's EU forex file names JPMorgan with Barclays and Citigroup.
The European Commission and national authorities fined the banks. The library status is fined. This profile does not state JPMorgan's fine. The id is jpmorgan, and the conduct described here is the forex benchmark cartel.
Competition footprint
The WM/Reuters fix is a reference price embedded in client contracts and fund valuations.
Chat rooms linking competing banks' traders are the mechanism the case describes.
Commission and national fines are the outcome, without a dollar or euro figure for this bank.
Consumer & business angle
Companies and funds that dealt at the fix were the customers whose rate was targeted.
Barclays and Citigroup are the other banks this scale file profiles from the same chat-room cartel.
What to watch
- Civil litigation that uses the EU forex finding against the banks in this file.
- Chat surveillance on the foreign-exchange desk around the fixing window.
Markets
foreign exchange · investment banking · foreign exchange spot · currency benchmarks
Also known as: jp morgan, jpmorgan