JPMorgan says improved systems and controls after FX rigging probe
LONDON (Reuters) – Commercial bank JPMorgan, fined $662 million (415.62 million pound) by UK as well as U.S. regulators for failings in forex, said on Wednesday that it had made considerable renovations to systems and controls.
The financial institution called trader conduct explained in its negotiations with Britain’s Financial Conduct Authority and the U.S. Asset Futures Traders Payment “undesirable” and said more would certainly be done to enhance high specifications.
“Additional training and also enhancements are recurring and will remain a priority,” it stated in a statement.
The FCA as well as CFTC penalizeded five banks a total amount of $3.1 billion in after a year-long international probe into the $5.3 trillion-a-day fx market.
(Reporting by Clare Hutchison. Editing by Kirstin Ridley)
- Commercial Financial institutions
- Financial Conduct Authority