JP Morgan establishes dedicated FX compliance team headed by Andrew Ferry

Internal checks and balances with regard to activity within the FX trading desks of some of the largest global banks have become more of a priority than ever during the ongoing investigations into the alleged manipulation of benchmarks which have made global headlines during the last year.

Last week, regulatory authorities in the United Kingdom and the United States concluded that Lloyds Banking Group had transgressed rulings with such gravity that a $370 million fiscal penalty was imposed, with other banks setting aside funds in order to settle fines should they also be implicated.

JP Morgan Chase & Co, an institution which has recently demonstrated interest in diversifying into non-bank FX by purchasing shares in CFD broker Plus500,  is taking a pragmatic approach to future safeguarding against compliance issues with regard to the internal methodology by which it conducts its FX business, having created a specific compliance department for FX and rates.

The department will be headed up by a team of JP Morgan senior executives which have substantial experience within the company. Former JP Morgan Head of Swaps for Europe, Middle East and Africa Andrew Ferry will be promoted to lead the global team, representing his latest move in a 24 year career at JP Morgan Chase & Co.

Mr. Ferry’s new team is responsible for ensuring that the bank meets and complies with regulations governing all aspects of trading in FX and rates markets on an ongoing basis, however JP Morgan Chase & Co has not yet applied a formal title to Mr. Ferry’s new position.

In his new position, Mr. Ferry will report to Troy Rohrbaugh and James Kenny, who were positioned as co-heads of the investment bank’s global rates, FX, commodities and emerging markets operations in April.

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