26 September 2017
visit www.ncr.com

CFTC fines Barclays over trade confirmation fails

23 September 2016  |  4714 views  |  0 Source: CFTC

The U.S. Commodity Futures Trading Commission (CFTC) today issued an Order filing and simultaneously settling charges against Barclays Bank PLC (Barclays) for failing to create, maintain, and promptly produce required confirmations for a significant number of Exchange for Related Position (EFRP) trades in violation of CFTC Regulations.

Barclays is a global banking and financial services company based in the United Kingdom, as well as a provisionally registered swap dealer with the CFTC.

The CFTC Order requires Barclays to pay a $500,000 civil monetary penalty and to cease and desist from committing further violations of the relevant CFTC Regulations.

The Order finds that, from at least September 1, 2009 to October 16, 2012, Barclays entered into at least 3,717 metals and energy EFRP trades. Barclays did not maintain and could not produce confirmations during the relevant period for at least 1,358 of these metals and energy EFRP trades, in violation of a CFTC Regulation. Further, the Order finds that, in response to document requests from the CFTC’s Division of Enforcement, Barclays took almost 14 months to locate and produce confirmations for the remaining metals and energy EFRP trades at issue. By failing to produce EFRP confirmations to the CFTC in a timely manner, Barclays violated another CFTC Regulation.

The Order recognizes Barclays’s cooperation during the CFTC’s investigation of this matter, as well as the remedial action Barclays undertook relating to its internal controls and policies for documenting and reporting confirmations for metal and energy EFRPs after October 16, 2012.

The CFTC Division of Enforcement staff members responsible for this case are Rachel Hayes, Stephen Turley, Thomas Simek, Jeffrey Le Riche, and Charles Marvine.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.capgemini.comvisit www.temenos.comdownload the paper now

Top topics

Most viewed Most shared
AXA launches blockchain to cover late flight compensationAXA launches blockchain to cover late flig...
11704 views comments | 16 tweets | 30 linkedin
SBI Ripple Asia advances on South KoreaSBI Ripple Asia advances on South Korea
9258 views comments | 16 tweets | 1 linkedin
European Commission makes fintech a priority in supervisory shakeupEuropean Commission makes fintech a priori...
8684 views comments | 34 tweets | 46 linkedin
hands typing furiouslyBlockchain is a new way of thinking?
7354 views 2 | 10 tweets | 1 linkedin

Featured job

Competitive base + commission + benefits
Denmark, Finland, Iceland, Norway or Sweden

Find your next job