HSBC is writing checks to the CFTC totaling $75 million via the resolution of two of the regulator’s orders — one involving alleged swaps transaction violations and a $45 million penalty, and the other based on charges of recordkeeping and supervisory failures that incurred a $30 million penalty. The swaps order encompasses allegations that HSBC… Read More >>
Regulators Crack Down on Swaps Data Reporting: Q&A
(Editor’s note: Goldman Sachs recently settled charges of alleged swap-trading violations with the CFTC for $15 million. Our story about the matter can be found here: https://bit.ly/41Xa3Jx. The regulator alleges that the firm did not provide clients with “the transparency that the regulations require.” The CFTC also alleges that Goldman Sachs “failed to disclose dozens… Read More >>
UBS Pays $500K to Resolve Audio Deletion Case
The Commodity Futures Trading Commission has issued an order “simultaneously filing and settling” charges against UBS AG for “failing to retain certain audio recordings for the time required under CFTC regulations.” Rather than retaining the recordings of more than 1,000 hours of audio data — including voice recording files that were required by CFTC regulations… Read More >>
Credit Suisse & CFTC Settle Swap Data Reporting Case
The Commodity Futures Trading Commission has ordered Credit Suisse International, Credit Suisse Securities Europe Limited, and Credit Suisse Capital LLC — three Credit Suisse entities that are provisionally registered swap dealers — to pay $1.5 million for “failing to comply with swap data reporting obligations.” In addition to the financial penalty, the three Credit Suisse… Read More >>
Morgan Stanley Settles Swaps Reporting Case for $5M
The Commodity Futures Trading Commission reports simultaneously filing and settling charges against Morgan Stanley Capital Services LLC, a provisionally registered swap dealer, for its alleged failures to “comply with swap data reporting obligations.” The CFTC’s order requires Morgan Stanley Capital Services to “pay a $5 million civil monetary penalty and to retain a qualified outside… Read More >>
CFTC Wants a Game-Changer for Swaps Data Reporting
The CFTC is working hard to refine the swaps data reporting process and hopes that those changes and subsequent data harmonization internationally will be a game-changer for the derivatives industry, reports Petal Walker, chief counsel for CFTC Commissioner Sharon Bowen. Walker, who spoke at FTF’s DerivOps North America conference in Chicago last month, says that… Read More >>
