JPMorgan, ANZ Fined $1M Over Futures Trading Violations

Law360, New York (September 27, 2012, 11:32 PM EDT) -- The U.S. Commodity Futures Trading Commission has fined JP Morgan Chase Bank NA and Australia & New Zealand Banking Group Ltd. nearly $1 million in its ongoing fight over exceeding futures speculative position limits, the agency said Thursday.

JPMorgan agreed to pay a $600,000 civil penalty to settle the commission's allegations that it exceeded speculative position limits in certain cotton futures contracts trading, while ANZ will pay a $350,000 penalty for allegedly exceeding speculative position limits in wheat and cotton futures contracts in trading on exchanges,...
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