US regulators fine JPMorgan, ANZ nearly US$1 million over speculation

US regulators punished two more firms for excessive speculation in cotton markets during one of the most tumultuous periods in the contract’s history, tagging JP Morgan and Australia and New Zealand Banking Group with fines totalling nearly US$1 million.

In the latest sign that the US Commodity Futures Trading Commission is cracking down on trading limits in futures markets, JP Morgan agreed to pay US$600,000 for exceeding position limits in the cotton market in September and October 2010, one of the agency’s largest civil penalties ever for position limits violations.

via Business feed http://www.scmp.com/business/banking-finance/article/1049268/us-regulators-fine-jpmorgan-anz-nearly-us1-million-over