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JPMorgan Chase London Whale H: Cross-Border Regulation

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Abstract

As a global financial service provider, JPMorgan Chase (JPM) is supervised by banking regulatory agencies in different countries. Bruno Iksil, the derivatives trader primarily responsible for the $6 billion trading loss in 2012, was based in JPM's London office. This office was regulated both by the Office of the Comptroller of the Currency (OCC) of the United States (US) and by the Financial Services Authority (FSA), which served as the sole regulator of all financial services in the United Kingdom (UK). Banking regulators in the US and the UK have entered into agreements with one another to define basic parameters for sharing information gathered during bank examinations and even assisting one another with bank inspections under certain circumstances. However, even as JPM sought to stifle OCC and FSA supervision, cooperation between the US and UK regulators was minimal.

Suggested Citation

  • Metrick, Andrew, 2019. "JPMorgan Chase London Whale H: Cross-Border Regulation," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 1(2), pages 146-156, March.
    • Handle: RePEc:ysm:ypfsfc:1299
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    File URL: https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1021&context=journal-of-financial-crises
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    Cited by:

    1. Odusami, Babatunde O. & Akinsomi, Omokolade, 2024. "Diversifying and hedging REIT portfolios with cryptocurrencies: Evidence from global and regional REIT indices," International Review of Financial Analysis, Elsevier, vol. 94(C).
    2. Pilkington, Marc, 2022. "The London Whale Scandal under new Scrutiny," International Review of Financial Analysis, Elsevier, vol. 80(C).

    More about this item

    Keywords

    JPM; London Whale; Regulation; FSA; OCC; derivatives; CIO; Prudential Regulation Authority; CFTC;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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