JPMorgan Fined by CFTC for Failure to Submit Accurate Reports
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JPMorgan Chase & Co., the biggest U.S. bank by assets, was ordered to pay $225,000 by the Commodity Futures Trading Commission to settle allegations that it failed to submit accurate large trader reports for commodity swaps.
The company routinely filed reports that contained errors from March 2013 through April 2014, the CFTC said Wednesday in a statement. The CFTC tracks the physical positions of derivatives users to prevent or detect attempts to corner a market. New York-based JPMorgan consented to the order without admitting or denying the regulator’s findings.