Page 298 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

The Commodity Futures Trading Commission today issued an order
simultaneously filing and settling charges against JPMorgan Chase Bank, N.A., J.P.

Morgan Securities LLC, and J.P. Morgan Securities, plc (collectively, J.P. Morgan),

provisionally registered swap dealers, for failing to comply with their reporting

obligations as swap dealers. The order requires J.P. Morgan to pay an $850,000 civil

monetary penalty and to cease and desist from any further violations of the

Commodity Exchange Act (CEA) or CFTC regulations, as charged.

“Timely and accurate reporting of swaps transactions by registered swaps dealers

is critical to the CFTC’s mission to protect market participants and ensure market

transparency and integrity,” said CFTC Acting Director of Enforcement Gretchen

Lowe.

Case Background

The order specifically finds that, from September 2015 to February 2020, J.P.
Morgan failed to report approximately 2.1 million short-dated foreign exchange (FX)

swap transactions. These unreported short-dated FX swap transactions represented

approximately fifty-one percent of the total number of FX swaps that J.P. Morgan

executed during that same period.

Short-dated FX swaps are transactions in which the parties exchange two

currencies the day after execution and then reverse that exchange at a predetermined

rate on the following business day. A short-dated FX swap is a reportable FX swap

transaction because it involves an exchange of currencies and a reversal of that

exchange on specific dates and at rates fixed at the inception of the contract.

Consequently, J.P. Morgan was obligated to report its short-dated FX swaps under the

relevant statutory and regulatory provisions, which it failed to do during the relevant

period.

J.P. Morgan has represented that it has reported all of the previously-unreported
FX swaps transactions it was obligated to report.

https://www.cftc.gov/PressRoom/PressReleases/8553-22

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