J.P. Morgan Chase & Co. is preparing to pay at least $800 million in fines related to the 'London whale' trading fiasco, but that won't solve all the bank's problems with regulators and prosecutors over the matter.
摩根大通公司(J.P. Morgan Chase & Co.)目前正准备为“伦敦鲸”交易惨败交纳至少8亿美元罚金，但这并不会解决该银行在这件事上与监管机构和检方的所有问题。
The Commodity Futures Trading Commission is investigating whether the nation's largest bank manipulated a market index tied to corporate bonds, according to people familiar with the situation.
知情人士表示，美国商品期货交易委员会(Commodity Futures Trading Commission, 简称CFTC)目前正在调查这家该国最大银行是否操纵了一项与公司债券绑定的市场指数。
The Federal Bureau of Investigation and Manhattan prosecutors, meanwhile, continue to gather evidence for what could result in criminal charges against J.P. Morgan over the London whale trades, people familiar with the situation said.
知情人士说，与此同时，美国联邦调查局(FBI)和曼哈顿检方会继续收集证据，他们或根据这些证据就“伦敦鲸”的交易向摩根大通提出刑事指控。
J.P. Morgan has expressed interest in settling all related probes, according to people familiar with the matter. But negotiations with the CFTC hit a snag over whether J.P. Morgan would admit to manipulation, according to one person.
知情人士透露，摩根大通表示有兴趣对所有相关调查进行和解。但据一名人士说，在摩根大通是否承认操纵行为的问题上，与商品期货交易委员会的谈判遇到意外困难。
J.P. Morgan on Tuesday took steps to move past the matter. Chief Executive James Dimon said in a company-wide note that the bank is making compliance and controls 'priority #1.'
摩根大通周二采取措施走出该事件。首席执行长戴蒙(James Dimon)在一封发给全公司的通知中说，该行正将合规和管控列为头等大事。
'If you don't acknowledge mistakes, you can't fix them and learn from them,' Mr. Dimon wrote. 'So now, as in the past, we are recognizing our problems, rolling up our sleeves and fixing them.'
戴蒙写道，如果你不承认错误，就无法改正错误并吸取教训；因此现在，与以往一样，我们正认识到自己的问题，并卷起袖子解决这些问题。
Mr. Dimon said J.P. Morgan has added some 4,000 employees dedicated to its control efforts since the beginning of last year, including 3,000 in 2013, and has increased its total spent on controls by about $1 billion this year.
戴蒙说，摩根大通自去年初以来增加了约4,000名专门负责管控行动的员工，包括2013年增加的3,000名，今年还将用于管控的总开支增加了约10亿美元。
'Never before have we focused so much time, effort, brainpower, technological power and money on a single, enterprise-wide objective,' he wrote. 'Make no mistake -- we are going to get this right.'
他写道，我们以前从未在某一个全公司范围的目标上集中如此之多的时间、精力、脑力、技术力量以及资金；我坚信，我们会做好的。
The fines and potential criminal charges stem from J.P. Morgan's handling of a series of trades that led to $6 billion in losses for the bank. In a civil settlement expected to be reached this week, regulators in the U.S. and the U.K. are expected to fault J.P. Morgan for deficient internal controls and disclosing incorrect information related to the trades.
上述罚金和可能的犯罪指控源自摩根大通对一系列交易的处理，交易导致该行损失60亿美元。在预计本周将达成的一项民事和解中，美国和英国监管机构预计将谴责摩根大通内部管控不力，以及披露与交易相关的不正确信息。
It appeared that the settlement would be limited to four regulatory agencies: the Securities and Exchange Commission, the Office of the Comptroller of the Currency, the Federal Reserve and the U.K. Financial Conduct Authority. The bank would admit wrongdoing as part of the agreement.
目前看来，和解将仅限于四家监管机构：美国证券交易委员会(Securities and Exchange Commission)、美国货币监理署(Office of the Comptroller of the Currency)、美联储(Federal Reserve)及英国金融行为监管局(Financial Conduct Authority)。作为协议的一部分，摩根大通将承认存在不当行为。
J.P. Morgan in an Aug. 7 securities filing said it is cooperating with a Justice Department investigation into the trading matter.
摩根大通在8月7日提交的证券备案文件中说，正在配合美国司法部(Justice Department)对交易事件的调查。
The CFTC probe centers on a giant trading position that officials believe distorted prices and misled investors, according to people familiar with the matter.
据知情人士说，CFTC的调查重点是一个规模巨大的交易头寸，官员们认为该头寸导致价格扭曲并误导了投资者。
The regulator is focusing on the bank's increasingly aggressive trades made over several months early last year, when it added tens of billions of dollars to its derivatives positions -- contracts tied to investment-grade corporate bonds, people familiar with the matter said. The bank also bet heavily on indexes tied to low-rated bonds, among other complex instruments.
知情人士说，监管机构重点关注该行在去年年初几个月进行的越来越激进的交易，当时该行在衍生品头寸（与投资级公司债券绑定的合约）上增加了数百亿美元。该行还重头押注绑定低息债券的指数等复杂的投资工具。
J.P. Morgan's Chief Investment Office held more than 100 credit-derivative instruments, including indexes of derivatives, according to a report by the Senate's Permanent Subcommittee of Investigations, which investigated the trades. One of its biggest positions was in the CDX.NA.IG.9 index, the ninth series of an index tied to investment-grade North American corporate bonds. It was issued in 2007.
据调查相关交易的参议院常设调查委员会(Permanent Subcommittee of Investigations)的一份报告显示，摩根大通首席投资办公室持有逾100个信用衍生工具，其中包括衍生品指数。其最大的头寸之一是CDX.NA.IG.9指数衍生品，这是一个与投资级北美公司债关联的一个指数的第九系列。发行时间是2007年。
According to the Senate report, only 14 banks in the world buy and sell the instruments, and just four U.S. banks account for more than 90% of credit-derivative trading and holdings, with J.P. Morgan 'the largest participant by far.'
据参议院的这份报告显示，全球只有14家银行买卖这种工具，其中仅四家美国银行的交易和持仓规模占到信用衍生品交易和持仓规模的逾90%，摩根大通是迄今为止最大的参与者。
By the end of March 2012, J.P. Morgan's Chief Investment Office, which implemented the trades, held an estimated $82 billion position that would benefit if the IG.9 rose in value, over half the total market in the index, according to the Senate report. J.P. Morgan trader Bruno Iksil, dubbed the London whale for his outsize bets, described the position as 'more and more monstrous' in a recorded telephone call, according to the Senate report.
据参议院的报告显示，到2012年3月底，执行相关交易的摩根大通首席投资办公室持有估计820亿美元的IG.9指数衍生品头寸，规模超过该指数衍生品市场总规模的一半多，如果IG.9指数上涨，这些头寸就会获利。报告称，摩根大通交易员、因巨额押注而被称为“伦敦鲸”的伊克西尔(Bruno Iksil)在一个电话录音中称，这个头寸“越来越巨大”。
The CFTC is expected to argue that J.P. Morgan's big move into the index in early 2012 effectively manipulated prices by dramatically increasing the demand for the IG.9, according to people familiar with the matter.
据知情人士称，预计CFTC将指出摩根大通在2012年初大举建立该指数衍生品头寸的举动实际上是一种操纵价格行为，因为这种操作极大地增加了IG.9指数衍生品的需求。
While manipulation cases are difficult to prove, the bar has been lowered by the CFTC's new powers granted under the 2010 Dodd-Frank law. The agency is likely to use those new powers to argue that J.P. Morgan's actions were reckless and, while potentially not intentional, distorted market prices, the people say.
尽管操纵案难以举证，但CFTC在2010年《多德－弗兰克法》(Dodd-Frank)下被赋予的新权力使操纵行为门槛降低了。知情人士称，CFTC可能会使用新权力来指出，摩根大通的行为尽管可能不是蓄意而为，但是不计后果的，并且扭曲了市场价格。
J.P. Morgan is balking at any CFTC settlement that would require it to admit to manipulation, according to a person familiar with the talks.
据了解相关磋商的知情人士透露，摩根大通将拒绝接受CFTC的任何将要求其承认操纵价格的和解协议。
In exchange for his cooperation in the investigation, prosecutors have agreed not to charge Mr. Iksil with any crimes in connection with the trading loss. A spokeswoman from the U.S. attorney's office declined to comment. Mr. Iskil's lawyer didn't immediately respond to a request for comment.
由于伊克西尔愿意配合调查，检方已同意不对他提起任何与交易损失有关的刑事诉讼。美国联邦检察官办公室不予置评。伊克西尔的律师未立即回复记者寻求置评的要求。
Last month, U.S. prosecutors charged Julien Grout and Javier Martin-Artajo, two former traders at the bank, with conspiracy and fraud for allegedly covering up the losses in the trades. On Monday, a grand jury indicted both men.
上个月，美国检方指控摩根大通两位前交易员格劳特(Julien Grout)和阿塔霍(Javier Martin-Artajo)为了掩盖交易损失进行共谋和欺诈。周一一个大陪审团对他们提起诉讼。
In a statement, Mr. Grout's attorney, Edward Little, said his client was merely a 'pawn' of higher ups at the bank and did nothing wrong. 'It is easy to get a grand jury to indict anyone for anything,' he said. 'Proving it is an altogether different thing.'
格劳特的律师利特尔(Edward Little)说，他的委托人只是一枚被高层利用的“棋子”，并且没有任何过错。他说，让大陪审团以任何理由起诉任何人都是容易的，而举证则完全是另外一回事了。
A lawyer for Mr. Martin-Artajo declined to comment Tuesday. Last month, Mr. Martin-Artajo's lawyer said his client was confident he would be exonerated once a 'complete and fair reconstruction of these complex events is completed.'
阿塔霍的律师周二拒绝置评。上个月阿塔霍的律师说，他的委托人相信，一旦完成对这些复杂事件的“完整和公平”的重新梳理，自己会被判无罪。
Mr. Grout is in France and Mr. Martin-Artajo is in Spain. Law enforcement officials believe it is unlikely that Mr. Grout will be extradited from France, according to a person briefed on the investigation. There is a higher chance that Spain might extradite Mr. Martin-Artajo, this person said.
格劳特目前在法国，阿塔霍目前在西班牙。据一位听取了调查情况介绍的人说，执法官员认为，格劳特不大可能被引渡出法国受审，阿塔霍被引渡出西班牙的可能性更大一些。 |
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