Thursday, 7 July 2016

Barclays Was Fined 560k For Inaccurate Swaps Position Reports

Barclays Plc, was Fined Loads of Money and rightly so!

(Reuters) - The U.S. Commodity Futures Trading Commission ordered Barclays Plc to pay $560,000 (£433,433) on Wednesday, saying the bank failed to submit accurate reports on large traders' positions for physical commodities swaps.

The CFTC found that between July 2012 and March 2013, Barclays submitted reports with incorrect position information for certain transactions, it said in a statement. The bank did the same in 2014 for positions related to crude oil, natural gas, gasoline, heating oil and agricultural products, the CFTC said.

The CFTC regulates futures and options markets in the United States.

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