Hong Kong fines JPMorgan HK$30m for bad trades

Hong Kong’s market regulator has fined JPMorgan HK$30 million for control failures, in the latest of the woes of the US banking major that is already reeling from allegations about its hiring practices in the region.

The Securities and Futures Commission on Tuesday imposed its second-highest fine ever on three companies under JPMorgan for regulatory breaches in short selling and dark pool trades. These are JPMorgan Broking (Hong Kong), which was fined HK$15 million; JPMorgan Securities (Asia Pacific), HK$12 million; and JPMorgan Securities (Far East), HK$3 million.

The banking group has been under a US investigation for hiring children of Chinese officials in the hope of winning deals from major state-owned enterprises.

Source: SCMP

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