JPMorgan Chase & Co has agreed to shell out around $350 million in civil penalties to settle issues with regulators over its reporting of trading data.
The financial giant disclosed in a regulatory filing that it failed to fully feed trading and order data from its Corporate and Investment Bank unit into trade surveillance platforms. Despite this lapse, JPMorgan stated it found no employee wrongdoing or harm to clients or the market from these oversights.
The penalty aims to resolve discrepancies on a particular trading venue related to sponsored client access activity, described by the bank as a significant data gap, though it constituted only a small fraction of the bank’s total activity.
JPMorgan is currently in discussions with a third regulator to address the matter further, indicating that while some agreements have been reached, the situation is not yet fully resolved.