tl;dr
JPMorgan Chase has admitted guilt and agreed to pay a $100 million fine to the US Commodity Futures Trading Commission for failing to monitor billions of orders from its traders and clients. This is in addition to the $348 million it agreed to pay to other regulators for the same violations. The CFT...
JPMorgan Chase has admitted failure to monitor billions of orders and has agreed to a $100 million fine imposed by the US Commodity Futures Trading Commission. This is in addition to the $348 million it agreed to pay to other regulators for similar violations. The CFTC will reduce the initial $200 million settlement fee to $100 million after prior payments have been made. As part of the resolution, a consultant has been appointed for remediation.
The trillion-dollar bank has not issued a statement on the new fine but has previously self-reported the violations and stated that customers were not harmed. JPMorgan Chase has paid a total of $39.68 billion in fines for various violations to date.
JPMorgan Chase's admission of guilt and agreement to pay the fine represents a rare move for the bank. The Commodity Futures Trading Commission (CFTC) announced that the bank acknowledged its failure to monitor billions of orders from its traders and clients, an essential process for detecting market misconduct. The bank had already agreed to pay $348 million to the Office of the Comptroller of the Currency (OCC) and the Federal Reserve Board (FRB) for the same violations. The CFTC stated that once these payments are complete, the initial $200 million settlement fee will be reduced to $100 million.
The CFTC stated, "Today’s resolution includes a significant penalty, certain factual admissions, and the appointment of a consultant to ensure remediation. 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." The bank, however, has not released a statement on the new fine but has previously expressed that it self-reported the violations and believes that customers were not harmed.
According to the Violation Tracker database, JPMorgan Chase has paid a total of $39.68 billion in fines to resolve enforcement actions, including securities abuses, banking violations, investor protection violations, and other offenses.
More about Optical Cable Corporation
Optical Cable Corporation Summary Optical Cable Corporation Summary
Optical Cable Corporation manufactures and sells fiber optic and copper data communications cabling and connectivity solutions primarily for the enterprise market in the United States and internationally. The company is headquartered in Roanoke, Virginia.
Industry
Manufacturing
Primary Activity
Drawing & Insulating of Nonferrous Wire
Annual Revenue
$22,067,900
Earnings per Share (EPS)
-0.02
Price-to-Earnings Ratio (P/E)
8.76
Dividend Yield
-0.0025
Volume
68,745,000
Market Capitalization
$0
Beta (Volatility)
-0.188