Andrew Ferry Appointed to Head FX Compliance at JPMorgan

According to a report by the Wall Street Journal, the biggest US bank by assets, JPMorgan Chase & Co. (JPM), has appointed Andrew Ferry to head its FX and rates markets Compliance Compliance In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a In finance, banking, investing, and insurance compliance refers to following the rules or orders set down by the government regulatory authority, either as providing a service or processing a transaction. Compliance concerning finance would also be a state of being following established guidelines or specifications. This designation can also encompass efforts to ensure that organizations are abiding by both industry regulations and government legislation. Understanding ComplianceCompliance is a Read this Term team. The position was previously non-existent as the new team has just recently been formed.

According to the report, Ferry was previously responsible for Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial instruments.They are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term for Europe, the Middle East and Africa region. He was appointed to the new role and will be heading a team which is based in London. Not a coincidence to the latest batch of FX fixing related investigations which are prompting major financial institutions around the world to change the way they do business.

The move was later confirmed by JP Morgan spokesman, Brian Marchiony. He added that the head of the swaps position, vacated by Ferry, has been filled by Tom Prickett.

JPMorgan has already agreed to pay $650,000, settling the Commodity Futures Trading Commission’s claim that it has repeatedly failed to report accurately about clients’ derivatives trades.