A 2015 cease-and-desist order detailing unsafe and unsound practices in the foreign exchange (FX) operations of JPMorgan Chase & Co. (New York), and for which the firm was assessed a $342 million civil money penalty, was terminated Tuesday by the Federal Reserve Board, the Fed said in a release Thursday.
The May 20, 2015, consent order stated that JPMorgan Chase & Co. (JPMC) had pleaded guilty (on the same day) to a criminal violation of the U.S. antitrust laws “based on a conspiracy to eliminate competition” in the purchase and sale of the EUR/USD currency pair including, in certain instances, the coordination of trading around the World Markets Company plc/Reuters and European Central Bank benchmark fixes. In that order, the Fed faulted said the firm’s deficient policies and procedures prevented it from detecting and addressing unsafe and unsound conduct by the FX subsidiary traders.
Federal Reserve Board announces termination of enforcement action with JPMorgan Chase & Co.