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CFTC Imposes $650,000 Penalty Against Refinitiv US SEF LLC for Swap Reporting Failures

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In performing its oversight role the Commodity Futures Trading Commission (CFTC) today filed and settled charges against Refinitiv US SEF LLC, a registered swap execution facility, for failing to report certain categories of swap data. According to the order, Refinitiv is required to pay a $650,000 civil monetary penalty and comply with certain undertakings.

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Background to the Case 

The order specifically finds that from at least February 2016 through August 2020 Refinitiv failed to report certain primary economic terms for at least 320,000 swap transactions, as required under Sections 2(a)(13)(G) and 4r(a)(1) of the Commodity Exchange Act and CFTC Regulation 45.3. 

According to the order, rather than designing its reporting systems to meet Part 45 requirements, Refinitiv designed its reporting systems to meet the specifications of its Swap Data Repository, which identified certain fields required by Part 45 of the CFTC Regulations as optional.  

As a result, according to the order, during the relevant period, Refinitiv failed to report certain swap creation data for hundreds of thousands of trades. The missing swap creation data included Part 45 primary economic terms such as the financial entity status and the U.S. person indicator for each counterparty. Read more

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