(Reuters) - JPMorgan Chase Bank NA agreed to pay $600,000 to settle charges it violated cotton futures position limits, the U.S. Commodity Futures Trading Commission said on Thursday.
According to the CFTC, the bank's cotton futures positions traded on the IntercontinentalExchange U.S. exceeded limits on several days between September 16, 2010 and October 5, 2010.
Position limits curb the number of contracts that traders can hold in certain commodities, like gold or oil. JP Morgan Chase Bank NA is owned by JPMorgan Chase and Co