JPM - JPMorgan to Pay $100M Penalty for Trade Reporting Lapses | Benzinga
JPMorgan (NYSE: JPM) is expected to pay $100 million to the U.S. Commodity Futures Trading Commission ("CFTC") to settle claims related to trade reporting lapses. The news was reported by Reuters, citing a source with direct knowledge of the matter.
Per the source, the Wall Street giant has also agreed to admit as part of the deal that it broke the agency's rules.
While the admission has not been reported previously, it would benefit the CFTC, which has been trying to pester firms to assume more accountability for their wrongdoing.
A spokesperson for the CFTC declined to comment.
Also, a JPM spokesperson declined to comment but referred to previous statements that it self-reported the violation and found neither misconduct nor any harm to customers.
This March, JPM agreed to pay a fine of $348.2 million for failing to properly monitor the trading activities of its clients and employees. The fine was imposed by the Federal Reserve and the Office of the Comptroller of the Currency ("OCC") who said that the misconduct occurred between 2014 and 2023.
The regulators said ...