JPMorgan fined $850,000 by CFTC for swap transaction reporting failures

The Commodity Futures Trading Commission on July 5 issued an order against JPMorgan Chase & Co. and its registered swap dealers, simultaneously filing and settling charges for failure to comply with their reporting obligations.

The bank will have to pay $850,000 in a civil monetary penalty and has been ordered to cease and desist from future violations of the Commodity Exchange Act or CFTC regulations.

The commission found that JPMorgan failed to report approximately 2.1 million short-dated foreign exchange swap transactions between September 2015 and February 2020, which accounted for 51% of the total forex swaps that the company executed over the period.

JPMorgan said that it has reported all previously unreported forex swaps that it was obligated to.