Deutsche penalized for swaps reporting violations
By Karen Freifeld
NEW YORK (Reuters) - In the first action of its kind, Deutsche Bank was ordered to pay a $2.5 million penalty for failing to properly report its swaps transactions, the U.S. Commodity Futures Trading Commission said on Wednesday.
The commission found that Deutsche, German's largest lender, did not properly report cancellations of swap transactions from January 2013 through July 2015, leading to the dissemination of misinformation to the market through the real time public tape and the regulator.
The action is the first by the CFTC to enforce new requirements under the Dodd-Frank law that provide for real-time public reporting of swap transactions and the reporting of swap data to repositories, the agency said.
Renee Calabro, a spokeswoman for the bank, declined to comment on the action.
"When reporting parties fail to meet their reporting obligations, the CFTC cannot carry out its vital mission of protecting market participants and promoting market integrity," Aitan Goelman, the CFTC's director of enforcement, said in a statement.
(Reporting By Karen Freifeld)
