NFA fines JPMorgan Clearing over reporting of customer balances


The National Futures Association (NFA) has announced that on March 18, 2015 a complaint was made by the US regulatory authority against JP Morgan Chase & Co alleging that in January and November 2014, JP Morgan Clearing, a division of JPMorgan Chase & Co. (NYSE:JPM) failed to instruct its depository, JP Morgan Bank N.A., to report to the NFA, through NFA’s daily confirmation system, the balances in a number of newly opened segregated funds accounts, in violation of NFA Financial Requirements Sections 4(c) and 4(d).

Having reviewed the Complaint issued by the Business Conduct Committee of the NFA, and having considered an offer of settlement of $17,500 submitted by JP Morgan Clearing Corporation as well as having accepted the offer, the NFA Committee has agreed to accept the settlement.

To view the official documentation from the NFA, click here.

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NFA fines JPMorgan Clearing over reporting of customer balances

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