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The U.S. Commodity Futures Trading Commission on Thursday ordered JPMorgan Chase (NYSE:JPM) to pay a $200M civil monetary penalty to settle charges over failing to capture billions of client orders in its surveillance systems.
That's double the amount that Reuters previously reported that the megabank would have to fork over. Of course, $200M is a drop in the bucket for JPM, the U.S.'s largest bank by assets.
"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,” said Director of Enforcement Ian McGinley.
JPMorgan (JPM) admitted the facts in the order in two sections: scope of surveillance data gaps and causes of surveillance data gaps, according to the release. Such gaps resulted from JPM's failure to configure certain data feeds to ensure complete trade and order data were being ingested by the company's surveillance tools.
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