Fed Lifts JPM FX Enforcement Action
Posted by Colin Lambert. Last updated: August 9, 2021
There is, perhaps, light at the end of the tunnel for the FX industry and the chat room sage, with news that the Federal Reserve has lifted its enforcement action against JP Morgan.
The sanction was imposed in 2015 following investigations into activities on multiple bank FX desks, specifically involving Bloomberg chat rooms that led to multiple fines across several jurisdictions.
As part of a wider range of sanctions against a number of banks, the Fed imposed a $342 million fine on JP Morgan for having “unsafe” and “unsound” business practices in foreign exchange.
Under the original order, JP Morgan had to submit a plan to rectify the faults found, as well as establish an ongoing infrastructure to ensure continues compliance.