Finance
BNY to Pay $5 Million to Settle CFTC Case Over Swaps Reporting
- Firm is latest to settle with CFTC over derivatives reporting
- BNY says it ‘takes its regulatory responsibilities seriously’
The BNY headquarters in New York.
Photographer: Jeenah Moon/BloombergThis article is for subscribers only.
Bank of New York Mellon Corp. will pay a $5 million penalty after a US regulator said that it failed to properly report millions of swaps transactions and supervise a unit that deals the derivatives.
The US Commodity Futures Trading Commission on Monday said BNY repeatedly failed to “correctly report millions of swap transactions to a registered swap data repository.” The CFTC also said BNY violated a prior order the regulator had against the firm.