The Office of the Comptroller of the Currency (OCC), an independent bureau within the United States Department of the Treasury, has hit JPMorgan Chase, with a $250 million fine. The reason for the civil penalty: “The OCC found the bank’s risk management practices were deficient and it lacked a sufficient framework to avoid conflicts of… Read More >>
JPMorgan Pays $135 Million to Settle ADR Woes
JPMorgan Chase Bank N.A. is paying more than $135 million in total monetary relief to settle the SEC’s allegations that it improperly handled “pre-released” American Depositary Receipts (ADRs), an industry practice that the bank says it has stepped away from. The SEC’s actions against JPMorgan constitute the “eighth action against a bank or broker, and… Read More >>
JPMorgan Pays $65M to Settle ISDAFIX Case
The CFTC has settled its benchmark manipulation case against JPMorgan Chase (JPMC) via an order that requires the firm to pay a $65 million civil monetary penalty, and to strengthen its internal controls and procedures to prevent any future attempts to fix interest-rate swaps benchmarks. The order settles charges that JPMC attempted to manipulate the ISDAFIX benchmark “over… Read More >>
JPMorgan Penalized $225K for Reporting Errors
Officials at JPMorgan Ventures Energy Corp. (JPMVE) and JPMorgan Chase, N.A. (JPMCB) have an idea of how much errors in large trader reports (LTRs) will cost them as the CFTC recently issued an order settling charges and imposing a $225,000 civil monetary penalty. For the Large Trader Reporting program, the CFTC operates “a comprehensive system… Read More >>
Ops Needs Hub to ‘Take Out Operational Risk and Cost’ of KYC
(Editor’s note: Designed for simplifying client data gathering and document management, the Clarient Entity Hub utility service of Clarient Global went live in the spring with the support of Barclays, BNY Mellon, Credit Suisse, Goldman Sachs, JPMorgan Chase and State Street. The hub targets the client onboarding and client lifecycle operations such as know your… Read More >>
The Fed Hits Six Banks with Record Fines
The Federal Reserve has imposed $1.8 billion in fines, “among the largest ever assessed,” against UBS, Barclays Bank, Citigroup, JPMorgan Chase & Co., the Royal Bank of Scotland (RBS) and Bank of America Corp. (BofA) for what Fed officials call “their unsafe and unsound practices in the foreign exchange (FX) markets.” The dollar amounts for… Read More >>
How Much Skin Should You Put in the CCP Game?
Two new high-profile contributions to the debate over how to handle central counterparty (CCP) clearinghouse default risks reveal how far apart CCPs and their members remain on the issue of how much money each side should be responsible for, underscoring the fact that the debate is likely to remain open for some time. This week white paper were released… Read More >>
DOJ Slams JPMorgan with Criminal Charges
JPMorgan is acknowledging through a regulatory filing with the SEC that it is preparing to face criminal charges via the U.S. Department of Justice (DOJ) for the bank’s alleged role in a widespread manipulation of foreign exchange (FX) markets that came to light last year. By ratcheting up the charges to the criminal level, the… Read More >>
Heir Apparent to JPM’s Dimon Joins Carlyle Group as Nasdaq OMX Appoints EVP to Head New Unit
Likely Heir Apparent to JPM’s Dimon Joins Carlyle Group Mike Cavanagh, generally considered an heir apparent to Jamie Dimon, chairman and CEO of JPMorgan Chase (JPM), is leaving his post as co-CEO of the Corporate and Investment Bank (CIB) division to become co-president and co-chief operating officer of The Carlyle Group, an asset management company… Read More >>
Omgeo Aims for a Global SSI Utility as DTCC Builds Client Data Service with A-List Firms
Omgeo & DTCC Ready ‘Global Utility’ for SSIs Post-trade solutions provider Omgeo and the DTCC are combining forces to build a repository that would effectively serve as a global utility for standing settlement instructions, intended to lower operational costs and bolster efficiency, say Omgeo and DTCC officials.SSI data such as account number, currency code, security… Read More >>
