Deutsche Bank Accepts to Pay $9M to Settle CFTC Charges

Deutsche Bank, a global banking and financial services company, finally agreed to pay $9 million to resolve the CFTC charges for swap data reporting violations.

15 June, 2020 | AtoZ Markets – CFTC (Commodity Futures Trading Commission) filed a complaint against Deutsche Bank in 2016. CFTC alleged that the bank did not report swap data for multiple asset classes over five days, submitted incomplete and timely swap data, and violated prior CFTC orders.

Deutsche Bank stated its swap data reporting system stopped. So, the bank was unable to produce a report on multiple asset class data swaps within five days. CFTC Director of Enforcement Aitan Goelman said:

“Deutsche Bank’s repeated violations warrant the intervention of a Court-appointed monitor. Deutsche Bank has shown over the last year its inability to comply with its swap reporting responsibilities under the Commodity Exchange Act and CFTC Regulations. The CFTC treats these failures seriously and will take appropriate steps to ensure compliance.”

Deutsche Bank Has Finally Agreed to $9 Million Settlement

Deutsche Bank will pay the $9 million civil monetary penalties to settle CFTC charges. It is based on the agreement submitted by both parties to the court. The Commission ordered the bank, to accurately report cancelled transactions, correct errors and omissions of previously reported swap data, and adequately supervised the process of swap data.

Deutsche Bank permanently suppresses and prohibits violations of rules and regulations:

  • Do not report swap data using a valid legal entity identifier.
  • Do not fix previously reported swap data errors or omissions.
  • Failure to oversee the swap data reporting process.
  • Do not have an adequate business continuity disaster recovery plan.

Last week, Deutsche Bank announced that it would establish electronic forex (e-FX) hub in Singapore. E-FX hub will be locally developed, staffed and aligned with Deutsche Bank’s focus across e-trading, fintech customers and digital FX payments.

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