Fed fines JPMorgan Chase & Co. $98.2M for inadequate monitoring

The Board of Governors issued a consent Order to Cease and Desist and for assessment of a civil money penalty after finding that, "from 2014 through 2023 (the “Relevant Period”), JPMC failed at various points in time to adequately surveil certain trading and order activity throughout the Firm’s Corporate and Investment Bank (“CIB”) on at least 30 global trading venues, which include systems or electronic platforms operated by investment firms or market operators that bring together third party buying and selling interests in financial instruments to conduct transactions, and that the Federal Reserve Bank of New York (“Reserve Bank”) identified areas where JPMC’s trade surveillance program operated without adequate data oversight and reconciliation processes to achieve effective and comprehensive trade surveillance for CIB.