The monetary penalty is the biggest ever imposed by the CFTC. It's part of an accord that ends a criminal investigation of the company that has led to six employees being charged for allegedly rigging the price of gold and silver futures for years.
JPMorgan Chase is poised to pay close to $1 billion to resolve market manipulation investigations by U.S. authorities into its trading of metals futures and Treasury securities, according to three people with knowledge of the matter.
The Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, Commodity Futures Trading Commission, and the Securities and Exchange Commision announced Thursday they had joined the Global Financial Innovation Network.
The reforms will result in significant changes to the proprietary trading ban first proposed by former Federal Reserve Chairman Paul Volcker and mandated in the Dodd-Frank Act.
Wall Street watchdogs are poised to take a major step toward overhauling limits on banks’ ability to trade with their own funds, according to people familiar with the effort.
The proposed program would allow companies to test innovative products that “present significant opportunities or benefits” for consumers, businesses and other financial institutions.
The Trump administration directed independent agencies to submit their pending regulations for review by the Office of Information and Regulatory Affairs, a novel procedural hurdle that could slow down policy changes.
Despite complaints about the slow pace of change within government, policymakers, including agency heads, are increasingly focused on modernizing regulation, an important step forward for the industry.
