简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:JPMorgan Chase failed to report nearly 2.1 million short-term foreign exchange swap transactions between September 2015 and February 2020.
According to Reuters, the U.S. Commodity Futures Trading Commission (CFTC) announced yesterday that it has imposed a civil penalty worth $850,000 on JPMorgan Chase, a leading U.S. financial firm, for failing to comply with reporting obligations related to swap transactions.
In an official announcement issued by the authority on July 5, the CFTC noted that it had ordered JPMorgan Chase to cease and desist from further violations of the Commodity Exchange Act.
According to the CFTC's overview, JPMorgan Chase failed to report nearly 2.1 million short-term foreign exchange swap transactions between September 2015 and February 2020. During that period, unreported short-term foreign exchange swaps accounted for nearly 51 percent of the total foreign exchange swap transactions executed by JPMorgan Chase.
The CFTC explained, “A short-term foreign exchange swap is a reportable foreign exchange swap transaction because it involves the exchange of currencies and the reversal of that exchange on a specified date at an exchange rate that was fixed at the time the contract began. As such, JPMorgan Chase was obligated to report its short-term foreign exchange swaps under the relevant legal and regulatory requirements, but did not do so during the relevant period.”
Gretchen Lowe, acting director of enforcement for the CFTC, emphasized the importance of timely reporting of swaps. She noted that “timely and accurate reporting of swap transactions by registered swap dealers is critical to the CFTC's mission of protecting market participants and ensuring market transparency and integrity.”
Indeed, in the past few months, the CFTC has stepped up its efforts to combat illegal financial trading activity within its jurisdiction. in May 2022, authorities charged a U.S. resident involved in a $59 million illegal foreign exchange scheme. That same month, the CFTC uncovered a $44 million Ponzi cryptocurrency investment scheme.
All-In-One Forex Encyclopedia - WikiFX
WikiFX is a global broker regulatory inquiry app that holds information of over 35,000 forex brokers in collaboration with 30 national regulators. Here, traders can find verified details of a certain forex broker before engaging with them. In addition to this, you can also see more forex news. Visit WikiFX's official website at www.wikifx.com.
Alternatively, download the free WikiFX app on Google Play/App Store.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
PayPal's PYUSD stablecoin can now transfer across Ethereum and Solana, enhancing flexibility for users through a LayerZero cross-chain integration.
Capital.com transitions to a regional leadership model as Kypros Zoumidou steps down, promoting Christoforos Soutzis as CEO of its Cyprus operations.
Online trading platform eToro has recently unveiled its latest investment offering—the Global-Edge Smart Portfolio. This new addition to eToro’s extensive portfolio options provides investors with a balanced approach to investing by combining global stocks and bonds, tailored for those looking for growth and stability.
Webull has announced the launch of a new 24/5 Overnight Trading feature for U.S. users, developed in partnership with Blue Ocean ATS. This feature allows Webull’s clients to trade stocks and ETFs outside traditional market hours, from 8:00 pm to 4:00 am ET, Sunday through Thursday.