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Barclays to pay $4 million to settle US CFTC charges over swap reporting

Published 10/01/2024, 09:58 AM
Updated 10/01/2024, 10:48 AM
© Reuters. People walk past a branch of Barclays Bank in London, Britain, March 17, 2023. REUTERS/Peter Nicholls/File Photo
BCS
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By Chris Prentice

(Reuters) - Barclays Bank PLC has agreed to pay $4 million to settle civil charges that it violated U.S. law and Commodity Futures Trading Commission regulations requiring accurate and timely reporting of swap transactions, the CFTC said in a statement.

Barclays, which is registered with the CFTC as a swap dealer, failed to correctly or promptly report more than 5 million swap transactions from 2018 through 2023, the regulator said. Requirements for swap reporting stemmed from the 2008 financial crisis.

Barclays, which admitted to the CFTC's findings, did not respond immediately to a request for comment.

© Reuters. People walk past a branch of Barclays Bank in London, Britain, March 17, 2023. REUTERS/Peter Nicholls/File Photo

The CFTC said it reduced the bank's penalty in light of Barclays' "substantial cooperation", which included flagging the issues to regulators.

In addition to the civil penalty, the bank agreed to cease and desist from future violations.

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