$550K Fine

Posted on September 29, 2017 by Editor

Speaking of “No LEI No Trade”, this week saw the US CFTC announce a significant fine for two parts of Citi Group, for:

  • failing to report Legal Entity Identifier (LEI) information for swap transactions properly to a Swap Data Repository (SDR),
  • failing to establish the electronic systems and procedures necessary to do so,
  • failing to correct errors in LEI data previously reported to an SDR, and
  • failing to perform supervisory duties diligently with respect to LEI swap data reporting,

all in violation of CFTC Regulations. A shot across the bow for financial institutions everywhere? No doubt. Read the press release here.

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