JPMorgan Chase will pay $650,000 to settle charges from federal regulators of filing 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.
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The New York bank neither admitted nor denied wrongdoing in the settlement. The bank 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.