By Chris Prentice and Nupur Anand
NEW YORK (Reuters) -The U.S. Commodity Futures Buying and selling Fee is anticipated as quickly as Wednesday to announce a $100 million settlement with JPMorgan Chase & Co (NYSE:) over commerce reporting lapses, a supply with direct information of the matter advised Reuters.
The identical supply mentioned that the financial institution has additionally agreed to confess as a part of that deal that it broke the company’s guidelines. That admission, which has not beforehand been reported, can be a win for the CFTC which has been pushing for corporations to imagine extra accountability for wrongdoing.
A spokesperson for the CFTC declined to remark. A JPMorgan spokesperson declined to remark, however referred to earlier statements that the financial institution self-reported the violation and that it discovered neither misconduct nor any hurt to clients.
JPMorgan beforehand agreed to pay $348.2 million to U.S. financial institution regulators over a associated concern. The banking regulators mentioned the misconduct occurred between 2014 and 2023 and that JPMorgan did not correctly monitor billions of trades throughout at the very least 30 international buying and selling venues.
In a regulatory submitting earlier this month, the financial institution mentioned it might ink one other decision on the matter with a 3rd U.S. regulator, which a supply advised Reuters on the time was the CFTC.
The CFTC’s enforcement director, which oversees commodity and swap markets, final 12 months detailed new insurance policies for the company, together with an effort to hunt admissions of wrongdoing.
Monetary companies sometimes push again towards such admissions in each civil and felony issues, as it might probably open them as much as further prices from non-public litigation. However regulators have mentioned they are often an essential deterrent of wrongdoing.