JPMORGAN’S NEOVEST TO PAY $2.75M PENALTY TO U.S. SEC FOR NON-REGISTRATION

A unit of JPMorgan Chase & Co. that provides an order and execution management system to facilitate electronic trading will pay a $2.75 million fine for failing to register as a broker-dealer, the US Securities and Exchange Commission said on Tuesday.

The SEC said its case against JPMorgan's Neovest Inc unit is its first charging an OEMS provider for operating as an unregistered broker-dealer, Jonathan Stempel reported for Reuters. Neovest agreed to the fine and an SEC censure without admitting or denying wrongdoing, Stempel added.

In a related development, the S&P 500 index hit a record high shortly after the open on Tuesday, lifted by big US banks, while investors looked to consumer confidence data against the backdrop of rising inflation and a spike in COVID-19 cases in Asia.

At 09:35 a.m., the S&P 500 gained 8.65 points, or 0.20 %, to a record high of 4,299.26. The Dow Jones Industrial Average rose 166.06 points, or 0.48%, to 34,449.33, while the Nasdaq Composite lost 5.31 points, or 0.04%, to 14,495.20, Medha Singh reported for Reuters.

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