JPMorgan Chase has made a rare guilty plea, agreeing to pay a $100 million fine to a US market regulator.
The Commodity Futures Trading Commission (CFTC) says the trillion-dollar bank admits it failed to monitor billions of orders from its traders and customers – a mandatory process designed to detect market misconduct.
The banking giant has already agreed to pay $348 million to the Office of the Comptroller of the Monet (OCC) and the Federal Reserve Board (FRB) for the same violations.
Once these payments are completed, the CFTC says it will reduce the initial $200 million settlement award to the $100 million in question.
“Today’s resolution includes a significant fine, certain factual admissions and the appointment of a consultant to ensure redress.
We hope it sends a clear message that CFTC registrants must take appropriate steps to ensure, through testing and other means, that complete trading and order data directly from exchanges is incorporated into trade surveillance systems and that orders are monitored.
The bank has not released a statement on the new fine, but has previously said it self-reported the violations and believes customers were not harmed by its actions.
To date, JPMorgan Chase has paid a total of $39.68 billion in fines to resolve enforcement actions, including securities misuse, banking violations, investor protection violations and other violations, according to the public Violation Tracker database.
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