Reported by Emily Flitter

On Thursday, the bank’s main federal regulator, the Office of the Comptroller of the Currency, fined JPMorgan $250 million over the omissions. The action followed a $98.2 million penalty from the Federal Reserve on March 8. The bank recently told investors in a public filling that a third regulator is preparing a separate action that is likely to come with its own monetary penalty.

The breaches at the bank, which occurred from around 2014 until 2023, affected regulators seeking data on financial market activity to help catch instances of misbehavior, like insider trading and market manipulation. JPMorgan was not retaining and sharing information about trades made by customers and businesses in connection with around 30 different trading platforms and venues, the regulators said.

Brian Marchiony, a JPMorgan spokesman, said the bank found the problems on its own and notified regulators. JPMorgan did not expect any services to customers to be disrupted as it works to fix the problems, he said.

Read full report: https://www.nytimes.com/2024/03/14/business/jpmorgan-fine-trading-lapses.html