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Deutsche Bank to pay $2.5 million swaps penalty 

October 2, 2015

Tess Stynes, Market Watch

The U.S. Commodity Futures Trading Commission said it ordered Deutsche Bank AG to pay a $2.5 million civil penalty to settle claims the bank failed to properly report swaps transactions between January 2013 and July of this year.

The CFTC said Deutsche Bank didn't diligently address and correct the reporting errors until the bank was notified of the CFTC's investigation, and failed to have an adequate swaps supervisory system governing its swaps reporting requirements.

According to the CFTC order, Deutsche Bank consented to the order without admitting or denying any of the findings or conclusions. A company spokesman declined to comment.

Under the order, Frankfurt-based Deutsche Bank also was required to improve its internal controls related to its swaps reporting program.

The CFTC said this is the agency's first action enforcing new Dodd-Frank requirements that provide for the real-time public reporting of swap transactions and the reporting of swap data to swap data repositories.

Read more: Market Watch

 
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