The US Commodity Futures Trading Commission on Tuesday imposed a $650,000 civil penalty on JP Morgan Chase, alleging that one of the bank's subsidiaries submitted inaccurate reports to the regulator about the required reporting positions held by certain large traders.

The so-called "large trader" reports are used by the CFTC to evaluate potential market risks and to monitor compliance, the CFTC said, adding that the alleged reporting violations by JP Morgan Securities occurred despite the CFTC notifying the firm of numerous errors in its reports.