Barclays to Pay $4 Million Fine Over Self-Reported Swap Violations
By Dean Seal
Barclays has agreed to pay a $4 million fine to resolve a regulator's claims over its admitted violations of swap-reporting regulations.
The U.S. Commodity Futures Trading Commission said Tuesday that Barclays Bank failed to correctly or timely report more than five million swap transactions between 2018 and 2023.
The derivatives regulator said Barclays provided substantial cooperation during its investigation and proactively flagged swap-reporting issues for the agency. The bank has taken steps to remediate the matter, including voluntarily engaging third-party vendors to review and validate its swap-reporting processes.
Barclays' cooperation and remediation have resulted in a reduced civil fine, the CFTC said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
October 01, 2024 10:58 ET (14:58 GMT)
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