Reported 5 months ago
JPMorgan Chase & Co. was found to have failed to monitor billions of client orders properly between 2014 and 2021, as reported by the Commodity Futures Trading Commission. The bank agreed to pay $100 million to settle a multiyear probe into its trade monitoring, in addition to fines from other regulators. The CFTC stated that significant gaps in trade data surveillance were discovered by JPMorgan staff in 2021 while on-boarding a new exchange, revealing that billions of orders over seven years were not being monitored across various trading venues. JPMorgan acknowledged some of the CFTC's allegations and indicated that the surveillance gaps were resolved by 2023.
Source: YAHOO