JPMorgan Chase Spoofing Treasury Futures Market, Suit Says

Law360 (May 4, 2020, 5:15 PM EDT) -- JPMorgan Chase & Co. has been manipulating Treasury futures in a more than decadelong spoofing scheme, hindering competition and undermining market integrity, according to a proposed class action filed in Illinois federal court.

The lawsuit filed Friday alleges that market participants have been harmed by the artificial prices of Treasury futures created by the company's spoofing. By placing deceptive orders to buy and sell futures contracts, canceling those orders before execution and simultaneously entering orders on the opposite side, JPMorgan profited over those artificial prices, according to the lawsuit.

"Defendants' deceptive orders caused market participants to enter sell orders below, or...

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