JPM Traders Are Charged with Market Manipulation

On Monday, September 16th EST, the US Department of Justice charged 3 JP Morgan traders of gold and other precious metals for alleged market manipulation. The alleged scheme caused investors heavy losses while bringing great profits to the company.

JP Morgan Chase & Co enjoys the reputation of “the godfather of US modern finance industry”. In 2018, JP Morgan beat Citigroup in becoming the largest currency trader in the world, with a total asset exceeding US$2.6 trillion and business across the world. This August, JP Morgan announced its plan to establish electronic forex trading and pricing platform in Singapore in 2020, in order to further expand its business on the Asia-pacific market and take over the vantage point of a major finance centre in Asia.

Asia-pacific has always been a major battleground for global forex companies to expand their market share, and Southeast Asia is particularly attractive with its great geographical location, relaxed policy environment and large investor group. Notably, according to a survey on the best investment destinations in 2017-2018, jointly launched by Wharton School of University of Pennsylvania and BAV Consulting in New York, Malaysia is the most attractive spot for investment among nearly 80 countries around the world thanks to outstanding business-friendly environment and steady economic growth. With the rapid growth of global economy in recent years, Malaysia is eventually lifting restrictions in forex trading. And because the Malaysian-regulated LFSA license has numerous advantages such as fast application approval and license issuance, cheap operational cost and relaxed regulation, it has gained wide appeal among many global forex companies, including JP Morgan.

JP Morgan is regulated by LFSA (Labuan Financial Service Authority) and holds LFSA‘s MM license. WikiFX had visited the licensed branch of JP Morgan in Malaysia and confirmed the company’s location at Labuans highest office building Financial Park Complex matches the address from LFSA regulatory information. JP Morgan is rated 7.39 on the WikiFX App and is a compliant forex broker under regulation. Investors may entrust your assets to this broker, while WikiFX will continue to offer you more updates about JP Morgan.

Despite the recent “spoofing” scandal, JP Morgan remains ambitious about expanding on the Asia-pacific market. Statistics show that since 2018, over 340 banks worldwide have joined JP Morgan‘s Interbank Information Network (INN), of which 134 are from the Asia-pacific region, which accounts for almost 40% of the total. JP Morgan’s Head of Global Clearing John Hunter noted: “INN has expanded significantly within just a year, and its exciting to see that more development can be expected in the future”.