Bruno Iksil, the Frenchman known as the London Whale because of the size of his bets, ran up losses of at least $6.2 billion last year. People familiar with the matter reportedly told the FT and Bloomberg that the CFTC is expected to leverage new powers granted to it by the Dodd-Frank law and reach an accord with JP Morgan.

JP Morgan agreed last month to pay $920 million to resolve related US and UK probes into its internal controls and handling of the Whale’s trades. Shortly after, JP Morgan disclosed that the CFTC had launched an inquiry into whether the trades manipulated markets.

The US Securities and Exchange Commission said its inquiry remains open while the US Justice Department runs a parallel probe.

Regulator officials have declined to comment on the matter, but according to the FT, the settlement with JP Morgan could be announced as soon as this week and would include the bank admitting wrongdoing at the time Iksil was conducting his trades.

Last week JP Morgan said that it had set aside $23 billion to cover legal issues, with the bank still looking to resolve state and federal probes into its mortgage-bond sales, including a criminal inquiry.

Iksil, who prosecutors have said is cooperating with their case, has not been charged.

JP Morgan declined to comment when contacted by this publication.