JPMorgan fined nearly $350 million for inadequate trade reporting
JPMorgan disclosed in February that it expected to pay roughly $350 million in civil penalties for reporting incomplete trading data to surveillance platforms. It said at the time it was also in "advanced negotiations" with a third regulator that may not result in resolution.
& Co has been fined $348.2 million by a pair of U.S. over its inadequate program to monitor firm and client trading activities for market misconduct, the Federal Reserve announced on Thursday.The Fed fined the alongside the Office of the Comptroller of the (OCC), and said the misconduct occurred between 2014 and 2023.
JPMorgan disclosed in February that it expected to pay roughly $350 million in civil penalties for reporting incomplete trading data to surveillance platforms. It said at the time it was also in "advanced negotiations" with a third regulator that may not result in resolution.
In a separate announcement, the OCC said JPMorgan failed to properly monitor billions of trades across at least 30 global trading venues. It ordered the bank to overhaul and improve its surveillance program and conduct a third-party review of its policies. The bank must clear any new trading venues with regulators under the new order.
A bank spokesperson did not immediately respond to a request for comment.
Source: Stocks-Markets-Economic Times
