Fed Lifts Restrictions On JPMorgan For Forex Manipulation
The Federal Reserve announced Thursday (Friday, August 6, 2021, in Manila) it had lifted a 2015 enforcement action imposed on JPMorgan Chase & Co. after the bank pleaded guilty to attempting to manipulate the foreign exchange market.
Photo Insert: JPMorgan Chase building, New York City
The cease and desist order (CDO) had been imposed on the bank as one of several actions taken against several global banks as part of a wide-ranging forex rigging probe, Pete Schroeder reported for Reuters.
As part of the settlement, the bank had been directed to show the Fed how it had improved internal controls and policies.
At the time, the bank attributed the misconduct principally to a single trader who had been fired but the Fed wanted clear-cut actions on how the bank seeks to stamp out manipulation of the foreign exchange market.