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Trading Surges Boosted Whale’s Position Before JPMorgan Audits

Trading surges may provide clues about JP Morgan's $5.8 billion losses.

By Mary Childs and Shannon D. Harrington | Updated on July 24, 2012
Jamie Dimon

July 24 (Bloomberg) — Trading surges that temporarily boosted the value of credit derivatives held by JPMorgan Chase & Co. may provide clues about whether traders at the bank masked losses that have spiraled to $5.8 billion.

Spikes in late January and again at the end of February, which more than doubled the volume of trades in an index tied to the creditworthiness of companies, lowered the cost of the index, raising the value of the bank’s holdings. The surges came just before end-of-the-month bank audits to verify prices.

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