The Office of the Comptroller of the Currency (OCC) today announced a $250 million civil money penalty against JPMorgan Chase Bank, N.A. (JPMC) related to deficiencies in its trade surveillance program.
The OCC found that JPMC operated with gaps in trading venue coverage and without adequate data controls required to maintain an effective trade surveillance program.
Generally, trading venues are systems or electronic platforms, operated by investment firms or market operators, that bring together multiple third party buying or selling interests in financial instruments to perform a transaction. The OCC expects banks to perform trade surveillance to monitor the market conduct of its traders and clients as part of its market conduct risk control framework.
The OCC found that JPMC failed to surveil billions of instances of trading activity…
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