JPMorgan to pay $100 million for trade reporting violations, admits wrongdoing.

From Investing.com: 2024-05-23 15:31:54

The U.S. Commodity Futures Trading Commission is set to announce a $100 million settlement with JPMorgan Chase over trade reporting lapses, with the bank admitting to breaking the agency’s rules. JPMorgan previously paid $348.2 million to U.S. bank regulators for failing to monitor trades properly between 2014 and 2023.

The agreement will include an admission of wrongdoing, a significant win for CFTC’s push for more accountability from companies. The banking regulators found JPMorgan failed to monitor billions of trades across 30 global trading venues. Financial firms typically resist such admissions, fearing additional costs from private litigation.

CFTC declined to comment on the matter, but the enforcement director had outlined new policies last year, aiming to seek admissions of wrongdoing. While JPMorgan self-reported the violation and denied any customer harm, regulators believe admissions can serve as a deterrent to misconduct. JPMorgan is also in discussions to resolve the issue with a third U.S. regulator.



Read more at Investing.com: JPMorgan poised to pay $100 million over CFTC trade reporting violations, source says By Reuters