JPMorgan Chase will pay $650,000 to settle charges by federal regulators that it filed inaccurate reports on the trading positions of some of its large customers.
The Commodity Futures Trading Commission announced the settlement Tuesday. The CFTC said that JPMorgan continued to submit inaccurate reports to the agency from 2012 through February of this year even though CFTC staff found errors in them and notified JPMorgan.
The New York bank neither admitted nor denied wrongdoing in the settlement. It agreed to certify in writing that it has improved and tested its procedures for filing reports. A company spokesman declined to comment.
The CFTC noted that JPMorgan used a third-party vendor to compile the daily reports on futures and options trading positions.
The agency said it uses the so-called "large trader" reports to assess potential risks to the markets.
The reports "are vital to the CFTC's role in monitoring market behavior and are important to members of the public, many of whom rely on that information in forming trading strategies," CFTC Enforcement Director Aitan Goelman said in a statement.