JPMorgan Chase and Co. disclosed on Friday that it would pay civil penalties totaling around $350 million to regulators for reporting insufficient trading data to surveillance platforms.
According to Reuters, the country's biggest bank revealed in a filing that some trading and order data via its Corporate and Investment Bank unit was not fed into its trade surveillance platforms.
JPMorgan Chase Admits Trade Reporting Gaps
JPMorgan Chase's filing was in response to government inquiries about its trading processes.
"While the identified gaps represent a fraction of the overall activity across the Corporate and Investment Bank (CIB), the data gap on one venue, which largely consisted of sponsored client access activity, was significant," the bank said in the filing, according to Reuters.
However, JPMorgan Chase clarified that it has not identified "any employee misconduct, harm to clients or the market."
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$350 Million Penalties of JPMorgan Chase
JPMorgan Chase said the $350 million penalties are expected to resolve the issue with two US regulators, but it did not specify the involved agencies.
The bank further noted that it is now engaged in "advanced negotiations" with a third regulator, although it remains uncertain whether these negotiations will lead to a resolution.
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