The Commodity Futures Trading Commission has fined J.P. Morgan Securities LLC $650,000 for allegedly filing inaccurate reports about its clients’ derivatives trades, Bloomberg reports.
The reports, known as the “large trader” reports, are used by the Commission to evaluate potential market risks and monitor banks’ compliance with CFTC regulations and requirements. J.P. Morgan Securities, JPMorgan Chase & Co.’s brokerage unit, filed reports with numerous errors about clients’ futures and options trades, the CFTC says. Despite the agency flagging the errors to the bank, the unit continued to file inaccurate reports, Bloomberg reports.
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