CFTC Commissioner Calls $6M BNP Deal 'Missed Opportunity'

By Al Barbarino (July 6, 2022, 3:31 PM EDT) — The Commodity Futures Trading Commission levied a $6 million fine against BNP Paribas for allegedly failing to properly report swap transactions over a more than five-year period, but Commissioner Caroline D. Pham called it a missed opportunity to enforce a culture of compliance by holding management accountable.

From 2016 through at least 2021, BNP failed to report more than 6,000 swap transactions with individuals located in the U.S. to a swap data repository as required under CFTC regulations and rules governing commodities markets, according to a settlement order finalized Tuesday. 

Among additional findings, BNP also entered into more than 3 million swap transactions…

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