Close Close
Sign In
Newsletters
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards
Podcast Center Video Center Webcasts Resource Center Events
About ThinkAdvisor Contact Us Advertise With Us Asset & Logo Licensing Sitemap Terms of Service Privacy Policy Copyright © 2024 ALM Global, LLC. All Rights Reserved.
ThinkAdvisor
The BNY headquarters in New York. Photo: Jeenah Moon/Bloomberg

Regulation and Compliance > Litigation

BNY to Pay $5M Over Swaps Reporting

By Stephanie Stoughton

X
Your article was successfully shared with the contacts you provided.

Bank of New York Mellon Corp. will pay a $5 million penalty after a U.S. regulator said that it failed to properly report millions of swaps transactions and supervise a unit that deals the derivatives.

The U.S. 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.

In a statement, BNY said it “takes its regulatory responsibilities seriously and is pleased to have resolved this matter.”

The reduced penalty reflects BNY’s self-reporting, the CFTC said. Last year, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Bank of America Corp. also settled cases with the CFTC over swaps reporting.

“Accurate reporting is a core pillar of the regulatory regime for swaps, and every individual data field matters,” Ian McGinley, the director of the CFTC’s division of enforcement, said in a statement. “It is essential that swap dealers get this right.”

Credit: Jeenah Moon/Bloomberg

Copyright 2024 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.