GO
Loading...

Breaking News from CNBC's Kate Kelly: JPM Denies Manipulating Credit Derivatives Markets to CFTC - Sources

Monday, 7 Oct 2013 | 3:32 PM ET

WHEN: TODAY, MONDAY, OCTOBER 7th

WHERE: CNBC'S "STREET SIGNS"

Following is breaking news from CNBC's Kate Kelly. All references must be sourced to CNBC.

KATE KELLY: MANDY CNBC HAS LEARNED THAT JPMORGAN IS PREPARING TO FIGHT CHARGES FROM THE CFTC THAT AS PART OF ITS LONDON WHALE TRADES IN 2012 IT ESSENTIALLY MANIPULATED CERTAIN CORPORATE DERVIATIVE MARKETS. THE CFTC FILED A WELLS NOTICE ON SEPTEMBER 16THAGAINST THE BANK. A WELLS IS ESSENTIALLY AN INDICATION THAT THEY ARE VERY LIKELY TO BRING CHARGES IN THIS CASE POTENTIAL MANIPULATION CHARGES OVER THE LONDON WHALE TRADES. JPMORGAN THEN HAD 14 CALENDAR DAYS TO EITHER RESPOND IN SOME WAY OR TO SETTLE THE CASE OR RISK BEING SUED. I'VE LEARNED JPMORGAN OPTED TO RESPOND TO THIS. THEY HAVE DENIED THAT THEY MANIPULATED MARKETS AND ARE ESSENTIALLY LAYING THE GROUND WORK TO FIGHT THIS CASE IF THEY NEED TO. HOWEVER, A SETTLEMENT IS STILL POSSIBLE MANDY AND BRIAN SO WE'LL SEE WHAT THE NEXT MOVE IS WHETHER IT ENDS UP BEING A SETTLEMENT OR THE CFTC TAKES A TOUGH LINE AND DECIDES TO SUE.

About CNBC:

With CNBC in the U.S., CNBC in Asia Pacific, CNBC in Europe, Middle East and Africa, CNBC World and CNBC HD , CNBC is the recognized world leader in business news and provides real-time financial market coverage and business information to approximately 390 million homes worldwide, including more than 100 million households in the United States and Canada. CNBC also provides daily business updates to 400 million households across China. The network's 16 live hours a day of business programming in North America (weekdays from 4:00 a.m. - 8:00 p.m. ET) is produced at CNBC's global headquarters in Englewood Cliffs, N.J., and includes reports from CNBC News bureaus worldwide.

CNBC also has a vast portfolio of digital products which deliver real-time financial market news and information across a variety of platforms. These include CNBC.com, the online destination for global business; CNBC PRO, the premium, integrated desktop/mobile service that provides real-time global market data and live access to CNBC global programming; and a suite of CNBC Mobile products including the CNBC Real-Time iPhone and iPad Apps.

Members of the media can receive more information about CNBC and its programming on the NBC Universal Media Village Web site athttp://www.nbcumv.com/mediavillage/networks/cnbc/