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The U.S. Commodity Futures Trading Commission (CFTC) today simultaneously filed and settled charges against JPMorgan Ventures Energy Corp. (JPMVE) and JPMorgan Chase Bank, N.A. (JPMCB) for failing to comply with their obligations to submit accurate large trader reports (LTRs) for physical commodity swap positions, in violation of the Commodity Exchange Act (CEA).
The CFTC order requires that JPMorgan pays a $225,000 civil monetary penalty and ceases committing further violations of the CEA and CFTC regulations.
Large trader reporting for physical commodity swaps is essential to the CFTC’s ability to conduct effective surveillance of markets in U.S. physical commodity futures and economically equivalent ... (read more)