CFTC-PR-8951-24 (Aug. 26, 2024) CFTC Orders The Bank of New York Mellon to Pay $5 Million for Swap Reporting and Supervision Failures and Violation of a Prior CFTC Order Washington, D.C. — The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges with The Bank of New York Mellon (BNYM) for repeatedly failing to […]
Category: Swap Reporting Failures
Swap Reporting Failures occur when parties involved in derivative transactions, such as swaps, do not properly report these trades to the required trade repositories or regulatory authorities. This lack of accurate and timely reporting can undermine market transparency, hinder regulatory oversight, and obscure the true extent of financial risk in the system. Failures may result from inadequate systems, erroneous data entry, or intentional misreporting to conceal positions or manipulate market perceptions. These issues can lead to regulatory penalties, increased systemic risk, and diminished confidence in financial markets, highlighting the critical need for robust reporting practices and compliance.