(Bloomberg) -- The worlds biggest bond dealers, including JPMorgan Chase & Co. and Morgan Stanley, failed to properly report trades to the industrys price-tracking system more than 11,000 times. JPMorgans penalty: About three minutes of its annual profit.
Fines levied in settlements disclosed last month by the Financial Industry Regulatory Authority amounted to a fraction of what the two New York-based firms generated from trading debt during the two-year reviews. JPMorgans $95,000 penalty was the biggest imposed by Finra as it cited at least three other dealers in the past five months for similar types of violations.
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