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期货和衍生品行业监管动态

surveillance on these venues.

The surveillance gaps resulted from J.P. Morgan’s failure to configure certain

data feeds to ensure complete trade and order data were being ingested by J.P.

Morgan’s surveillance tools. On a specific U.S. designated contract market, J.P.

Morgan failed to ingest into its surveillance systems—and thus failed to

surveil—billions of order messages from 2014 through 2021, which, according to J.P.

Morgan, largely consisted of sponsored access trading activity for three significant

algorithmic trading firms. J.P. Morgan has represented the surveillance gaps were

fully remediated by 2023.

According to the order, while J.P. Morgan had in place a quarterly reconciliation

process designed to ensure the completeness of some order and trade data ingested

into certain surveillance systems, J.P. Morgan did not subject direct-from-exchange

data feeds to that reconciliation process, based on an erroneous assumption that data

directly from an exchange was from a “golden source” and thus did not need to be

tested.

The CFTC acknowledges and appreciates the assistance of the Office of the

Comptroller of the Currency and the Board of Governors of the Federal Reserve
System in this matter.

https://www.cftc.gov/PressRoom/PressReleases/8914-24

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