Spoofing is a form of market manipulation by which traders make a large sum of orders they have no intention of executing.<br />Such actions can mislead market participants to steer prices in a certain direction, and was outlawed in 2010 through the Dodd-Frank Act.<br />Now, Business Insider reports JPMorgan is set to pay almost $1 billion in settlement fines for spoofing in precious metals and Treasury markets.<br />Paying up would resolve probes by the Justice Department, the Commodities Futures Trading Commission, and the Securities and Exchange Commission.<br />One source says paying the record sum isn't likely to restrict JPMorgan's business practices, and that the bank will admit to wrongdoing.
