JPMorgans Australian Arm Fined for Allowing Suspicious Trades in Wheat Futures
The Australian Securities and Investments Commission ASIC has fined J.P. Morgan Securities, the Australian division of JPMorgan, A$775,000 $509,252.50
The Australian Securities and Investments Commission ASIC has fined J.P. Morgan Securities, the Australian division of JPMorgan, A$775,000 $509,252.50 for permitting suspicious customer orders in wheat futures trading that were intended to manipulate the market. The regulator criticised the lack of fast action when detected and labelled the inability to identify these trades as "careless". The management of wheat price variations by farmers, which affects consumer pricing, depends heavily on these futures contracts. JPMorgan paid the fine and did not contest the accusations. Thirtysix orders that ASIC discovered were intended to manipulate the market and affect daily settlement prices between January and March 2022. Sarah Court, deputy chair of ASIC, stressed the practical ramifications and ASICs top priority when combating market manipulation.
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B2B Tech News | 2 months ago