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The U.S. Commodity Futures Buying and selling Fee on Thursday ordered JPMorgan Chase & Co.New York Inventory Trade: JPMorgan Chase) to pay a $200 million civil penalty to settle allegations that its surveillance programs did not seize billions of buyer orders.
That is double the quantity reported by Reuters Earlier experiences instructed the massive financial institution must surrender. After all, $200 million is only a drop within the bucket for JPMorgan Chase, the most important financial institution by belongings in the USA.
“We hope it sends a transparent message that CFTC registrants should take applicable steps to make sure, via testing and different means, that full commerce and order knowledge straight from exchanges is included into commerce monitoring programs and that orders are monitored,” the mentioned the supervisor.
In accordance with the press launch, JPMorgan Chase (JPM) admitted two elements of the reality within the order: the scope of the surveillance knowledge hole and the reason for the surveillance knowledge hole. The hole was attributable to JPMorgan’s failure to configure sure knowledge sources to make sure that the corporate’s monitoring instruments had entry to finish commerce and order knowledge.
