The Office of the Comptroller of the Currency (OCC) announced a 2.$500 million civil fine for trading monitoring breach。

The OCC found vulnerabilities in JPMorgan's trading venue coverage and a lack of appropriate data controls needed to maintain an effective trading monitoring program.。

In general, a trading venue is a system or electronic platform operated by an investment company or market operator that brings together multiple third-party buyers or sellers of financial instruments to trade.。As part of the market behavior risk control framework, the OCC expects banks to perform transaction supervision to monitor the market behavior of their traders and clients.。

JPMorgan failed to monitor billions of transactions across at least 30 global trading venues。These loopholes and flaws in JPMorgan's transaction monitoring program constitute unsafe / unsound banking practices。

OCC also issued a cease-and-desist order requiring JPMC to take broad and comprehensive corrective action to improve its transaction monitoring program, requiring the bank to correct deficiencies, solicit a no-objection opinion from OCC before joining a new trading venue, and engage an independent third party to conduct a transaction monitoring program evaluation.。