Bank Cooperates in Investigation, Takes Steps to Remedy Issues
- Barclays agrees to pay $4 million fine for swap violations
- U.S. Commodity Futures Trading Commission investigates Barclays’ swap-reporting issues
- More than five million transactions affected between 2018 and 2023
- Bank cooperated with the investigation and took steps to remediate the issue
Barclays Bank has agreed to pay a $4 million fine to resolve claims by the U.S. Commodity Futures Trading Commission (CFTC) over its admitted violations of swap-reporting regulations. The regulator found that Barclays failed to correctly or timely report more than five million swap transactions between 2018 and 2023. Despite the violation, the bank cooperated with the investigation and took steps to remediate the issue by engaging third-party vendors to review and validate its swap-reporting processes. This cooperation and proactive approach led to a reduced civil fine.
Factuality Level: 10
Factuality Justification: The article provides accurate information about Barclays paying a $4 million fine for violating swap-reporting regulations, the time period of the violations, and the bank’s cooperation with the investigation and remediation efforts. It also mentions the involvement of the U.S. Commodity Futures Trading Commission. The information is relevant, objective, and free from sensationalism or personal opinions.
Noise Level: 2
Noise Justification: The article provides relevant information about Barclays paying a fine for violating swap-reporting regulations and includes details on the number of transactions involved and the bank’s cooperation with the investigation. It also mentions steps taken by the bank to address the issue. The article is concise and stays on topic without diving into unrelated territories.
Public Companies: Barclays (BCS)
Key People: Dean Seal (Author)
Financial Relevance: Yes
Financial Markets Impacted: Barclays Bank
Financial Rating Justification: This article discusses a financial institution (Barclays) being fined for violating swap-reporting regulations, which is related to the financial industry and can impact its reputation and potentially affect its operations in financial markets.
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Extreme Rating Justification: There is no extreme event mentioned in the article and it does not meet the criteria for being an extreme event within the last 48 hours.
Move Size: No market move size mentioned.
Sector: Finance
Direction: Neutral
Magnitude: Small
Affected Instruments: Stocks
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