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JP Morgan Securities to Pay $200 Million to Settle CFTC Supervisory Failure Charges

JP Morgan Securities to Pay $200 Million to Settle CFTC Supervisory Failure Charges


By Stephen Nakrosis

The Commodity Futures Trading Commission said Thursday that it simultaneously filed and settled charges against JP Morgan Securities LLC.

According to the CFTC, JP Morgan failed to diligently supervise its activities as a CFTC filer. This prevented JP Morgan from capturing billions of orders in its monitoring systems, the regulator said.

The CFTC said JP Morgan admits the facts in the sections relating to the extent of the supervisory data gaps and the causes of the supervisory data gaps, and acknowledged that its conduct in those sections violated CFTC regulations. Otherwise, the company neither admits nor denies the findings of fact, the CFTC said.

“The monitoring deficiencies resulted from JP Morgan's failure to configure certain data feeds to ensure that complete transaction and order data was ingested by JP Morgan's monitoring tools,” the CFTC said.

JP Morgan will pay a $200 million civil penalty and waive any further violations of the CFTC's supervisory requirements, the commission said. The civil monetary penalty could be offset by a total of $100 million of any payments made pursuant to a resolution with JPMorgan Chase Bank regarding oversight deficiencies by the Office of the Comptroller of the Currency and the resolution with JPMorgan Chase & Co. (JPM) regarding oversight deficiencies by the Board of Governors of the Federal Reserve, according to the CFTC.

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently of Dow Jones Newswires and the Wall Street Journal.


(END) Dow Jones Newswires

05/23/24 1906ET

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