Federal regulators had a suspicion that currency traders have bonded together to increase costs of foreign currencies in order to gain on their investments.
Major banking institutions including JPMorgan Chase might have predicted the direction of the probe conducted by the Financial Conduct Authority in Britain.
New inclusions to avoid the London Whale scandal is sought to be included in the new Volcker Rules, which may result in failure to meet the mandated year end deadline.
JP Morgan Chase & Co. had been poised to pay approximately USD900 million to settle claims from both US and UK regulators.
A lawyer for a JP Morgan Chase & Co. ex-employee argued with US prosecutors that his client was just following orders from his superiors in indicating prices for the "London Whale" deal.
Although Javier Martin-Artajo had bought himself time by getting arrested in Madrid, lawyers involved in getting the JP Morgan ex-employee back believed that his extradition, though delayed, was inevitable.