Financial Times – In a story about spoofing securities prices by J.P. Morgan Executive Director of Healthy Markets Tyler Gellasch, said the size of the fine reflected JPMorgan’s status. Gellasch added that poor behaviour in the US Treasuries market, where more than $500bn of debt trades every day, proved to be a wake-up call for authorities. This is one of the world’s most important markets, providing the benchmark for pricing other securities while also serving as a haven in times of stress. “They realised: ‘If people can manipulate the Treasuries market, people can manipulate anything.” (Full Story).
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