For the mentioned period, the unreported short-dated FX swap transactions accounted for nearly 51% of the total number of FX swaps executed by JPMorgan. A short-dated FX swap is a reportable FX swap transaction because it involves an exchange of currencies and a reversal of that exchange on specific dates and at rates fixed at the inception of the contract. Consequently, J.P. Morgan was obligated to report its short-dated FX swaps under the relevant statutory and regulatory provisions, which it failed to do during the relevant period," the CFTC explained.