JPMorgan Chase has in a rare move pleaded guilty and agreed to pay a $100 million fine to US market regulators.
The Commodity Futures Trading Commission (CFTC) said on Thursday it had admitted that the ¥1 trillion bank failed to track billions of orders from traders and customers.
The banking giant has already agreed to pay the Monetary Regulator (OCC) and the Federal Reserve (Fed) 34,800 million yen for a similar violation.
Once those payments are finalized, the CFTC says it will reduce the original payment amount from the original $100 million to the original $200 million in question.
Today's decision includes heavy penalties, several factual admissions, and the appointment of a remedial consultant.
We hope that individuals registered with the CFTC will send a clear message that complete transaction and order data coming directly from the exchange should go into the trade monitoring system and take appropriate steps to ensure that orders are tracked through testing and other means.
The bank has not issued a statement on the new fine, but previously said it self-reported the breach and believes its actions did not affect the customer.
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