November 12, 2014 / 6:34 AM / in 3 years

JPMorgan says improved systems and controls after FX rigging probe

LONDON (Reuters) - Wall Street bank JPMorgan, fined $662 million by UK and US regulators for failings in foreign exchange, said on Wednesday that it had made significant improvements to systems and controls.

A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar

The bank called trader conduct described in its settlements with Britain’s Financial Conduct Authority and the U.S. Commodity Futures Traders Commission “unacceptable” and said more would be done to reinforce high standards.

“Further training and enhancements are ongoing and will remain a priority,” it said in a statement.

The FCA and CFTC fined five banks a total of $3.1 billion in after a year-long global probe into the $5.3 trillion-a-day foreign exchange market.

Reporting by Clare Hutchison. Editing by Kirstin Ridley

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