By Chris Prentice
(Reuters) – Barclays Bank PLC has agreed to pay $4 million to settle civil charges alleging violations of U.S. law and Commodity Futures Trading Commission rules requiring accurate and timely reporting of swap transactions, the CFTC said in a statement. a statement.
Barclays, which is registered with the CFTC as a swap dealer, failed to accurately or timely report more than 5 million swap transactions between 2018 and 2023, the regulator said. Swap reporting requirements arose from the 2008 financial crisis.
Barclays, which admitted the CFTC’s findings, did not immediately respond to a request for comment.
The CFTC said it reduced the fine for the bank in light of Barclays’ “substantial cooperation,” including reporting the problems to regulators.
In addition to the civil penalty, the bank agreed to cease future violations.
