Page 31 - 期貨和衍生品行業(yè)監管動(dòng)態(tài)（2024年5月）
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期貨和衍生品行業(yè)監管動(dòng)態(tài)
simultaneously filing and settling charges against J.P. Morgan Securities LLC, a
registered futures commission merchant and swap dealer, for failing diligently to
supervise its business as a CFTC registrant, resulting in J.P. Morgan failing to capture
billions of orders in its surveillance systems.
J.P. Morgan admits the facts in the order in Sections II.C.2 (Scope of
Surveillance Data Gaps) and 3 (Causes of Surveillance Data Gaps); acknowledges
that its conduct in those sections violated the CFTC regulations; and otherwise neither
admits nor denies the findings of fact.
The order requires J.P Morgan to pay a $200 million civil monetary penalty
(CMP), cease and desist from further violations of the CFTC’s supervision
requirements, and comply with conditions and undertakings specified in the order.
The order provides the CMP obligation will be offset by a total of $100 million of any
payment made pursuant to the resolution with JPMorgan Chase Bank, N.A.
concerning surveillance gaps by the Office of the Comptroller of the Currency dated
March 14, 2024, and the resolution with JPMorgan Chase & Co. concerning
surveillance gaps by the Board of Governors of the Federal Reserve System dated
March 8, 2024.
“Today’s resolution includes a significant penalty, certain factual admissions, and
the appointment of a consultant to ensure remediation,” said Director of Enforcement
Ian McGinley. “We hope it sends a clear message that CFTC registrants must take
appropriate steps to ensure, through testing and other means, that complete trade and
order data direct from exchanges are being ingested into trade surveillance systems
and that orders are being surveilled.”
Case Background
According to the order, in 2021, in the course of onboarding a new trading
exchange, J.P. Morgan discovered its surveillance of trading on multiple venues and
trading systems was not operating correctly, resulting in gaps in J.P. Morgan’s trade
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