CFTC Orders Bank of New York Mellon to Pay $5 Million for Swap Reporting Failures

Aug 26, 2024, 07:45 PM

The U.S. Commodity Futures Trading Commission (CFTC) has ordered the Bank of New York Mellon to pay a $5 million penalty. This decision comes after the bank was found to have failed in properly reporting millions of swap transactions and in supervising a unit that deals with derivatives. The violations also include a breach of a prior CFTC order. The settlement highlights the regulatory focus on ensuring compliance with swap reporting and supervision standards.