Rare Admission of Guilt
JPMorgan Chase has admitted to failing to monitor billions of orders from traders and clients, a violation of regulations designed to detect market misconduct. The bank has agreed to pay a $100 million fine to the Commodity Futures Trading Commission (CFTC).
Previous Fines
This is not the first time JPMorgan has been fined for these violations. The bank has already paid $348 million to the Office of the Comptroller of the Currency and the Federal Reserve Board.
CFTC’s Message
The CFTC’s enforcement action sends a clear message to financial institutions that they must take appropriate steps to ensure proper trade surveillance. The commission hopes that the fine will deter future violations.
JPMorgan’s Response
JPMorgan has not commented on the new fine, but has previously stated that it self-reported the violations and believes customers were not harmed.
Total Fines
To date, JPMorgan Chase has paid a total of $39.68 billion in fines for various offenses, including securities abuses, banking violations, and investor protection violations.
