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U.S. power regulator says JP Morgan manipulated market
Source: Reuters
U.S. power regulator says JP Morgan manipulated market
WASHINGTON | Mon Jul 29, 2013 6:38pm EDT
(Reuters) - The U.S. power market regulator took a step toward charging JPMorgan Chase & Co. with gaming electricity prices on Monday, confirming months of media reports about "manipulative" trading schemes that have rattled the bank.
The "notice of alleged violations", which outlines bidding strategies used by traders in California and the Midwest, is an intermediate step by the regulator, but brings details of the investigation into public view.
The U.S. Federal Energy Regulatory Commission (FERC) staff has found "eight manipulative bidding strategies" used by a JPM affiliate in 2010 and 2011, the regulator said.
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WASHINGTON | Mon Jul 29, 2013 6:38pm EDT
(Reuters) - The U.S. power market regulator took a step toward charging JPMorgan Chase & Co. with gaming electricity prices on Monday, confirming months of media reports about "manipulative" trading schemes that have rattled the bank.
The "notice of alleged violations", which outlines bidding strategies used by traders in California and the Midwest, is an intermediate step by the regulator, but brings details of the investigation into public view.
The U.S. Federal Energy Regulatory Commission (FERC) staff has found "eight manipulative bidding strategies" used by a JPM affiliate in 2010 and 2011, the regulator said.
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Read more: http://www.reuters.com/article/2013/07/29/us-usa-energy-jpmorgan-idUSBRE96S12K20130729
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