Massad: more fines on the way for swap reporting violations
CFTC chairman takes aim at banks that fall foul of swap reporting requirements
The chairman of the Commodity Futures Trading Commission (CFTC), Timothy Massad, has warned that firms failing to comply with the agency's swap data reporting requirements will face stiff financial penalties.
Deutsche Bank was hit with a $2.5 million fine on September 30 for failing to properly report its swaps transactions to swap data repositories (SDR). Massad pointed to the fine as an example of the CFTC's tough stance on reporting violations.
"For those industry participants who do not make
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