Finra Fines Cost JPMorgan 3 Minutes of Profit

Mark Williams, School of Management

The world’s biggest bond dealers, including JPMorgan Chase & Co. (JPM:US) and Morgan Stanley, failed to properly report trades to the industry’s price-tracking system more than 11,000 times. JPMorgan’s penalty: About three minutes of its annual profit…

Expert quote:

“It’s an easy trade-off to make because there’s no teeth in the enforcement. If you’re a big trading house with large positions and the leniency to not report, and that gives you an advantage, you’ll take it.”

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