Page 33 - 期货和衍生品行业监管动态（2024年5月）

期货和衍生品行业监管动态

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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