The firm has been charged by the CFTC with failing to supervise its swap dealing activities.
The US Commodity Futures Trading Commission (CFTC) has ordered Commerzbank AG to pay a civil penalty of $12 million to settle charges that it made misleading statements and material omissions as well as failed to supervise its swap dealing activities, the agency said on Thursday.
Commerzbank has been registered with the CFTC as a Swap Dealer since the end of 2012. According to the Order, from December 31, 2012, until at least 2018, the commodities regulator found that Commerzbank’s failure to supervise its Swap Dealer was systematic and resulted in thousands of Regulation violations of the CFTC and Commodity Exchange Act (CEA).
As a result, in addition to the fine, the Order requires Commerzbank to retain an outside consultant who will review the firm’s swap dealer compliance for two years. During this time, the consultant will create annual reports that will assess the swap dealer’s compliance with CEA and CFTC regulations.
Commerzbank itself will also have to submit annual reports to the CFTC. These will also be regarding swap dealer compliance and the firm’s remedial efforts. The reports will need to be provided for a period of two years.
Commenting on the order, CFTC Chairman Christopher Giancarlo said: “this case is just the latest example of the close regulatory communication and cooperation that exists between the CFTC and BaFin [Bundesanstalt für Finanzdienstleistungsaufsicht] and I look forward to continuing our very strong partnership with BaFin, one of the world’s leading financial regulatory authorities.”
CFTC Director of Enforcement James McDonald added: “this case highlights the importance of complete and accurate reporting of swap transactions, supervision, and transparency with the CFTC. The Commission will work vigorously to ensure the integrity of our markets by ensuring registrants comply with their reporting, compliance, and supervision obligations.”
CFTC Closes Investigation into Deutsche Bank
It seems that Thursday was a busy day for the CFTC, as the regulator also announced that it has filed and settled charges against Jacob Bourne. A former managing director of Deutsche Bank Securities Inc., Bourne was found to have illegally mismarked swap valuations to hide large trading losses.
As a result, he will have to pay a civil penalty of $350,000. The CFTC has also permanently banned him from trading on an exchange, as well as being registered with the CFTC, among other measures.
Following this, the Division of Enforcement has now issued the first public declination letter to both Deutsche Bank AG and Deutsche Bank Securities Inc. The letter states that the commodities regulator is now closing its investigation into Deutsche Bank.
The US Commodity Futures Trading Commission (CFTC) has ordered Commerzbank AG to pay a civil penalty of $12 million to settle charges that it made misleading statements and material omissions as well as failed to supervise its swap dealing activities, the agency said on Thursday.
Commerzbank has been registered with the CFTC as a Swap Dealer since the end of 2012. According to the Order, from December 31, 2012, until at least 2018, the commodities regulator found that Commerzbank’s failure to supervise its Swap Dealer was systematic and resulted in thousands of Regulation violations of the CFTC and Commodity Exchange Act (CEA).
As a result, in addition to the fine, the Order requires Commerzbank to retain an outside consultant who will review the firm’s swap dealer compliance for two years. During this time, the consultant will create annual reports that will assess the swap dealer’s compliance with CEA and CFTC regulations.
Commerzbank itself will also have to submit annual reports to the CFTC. These will also be regarding swap dealer compliance and the firm’s remedial efforts. The reports will need to be provided for a period of two years.
Commenting on the order, CFTC Chairman Christopher Giancarlo said: “this case is just the latest example of the close regulatory communication and cooperation that exists between the CFTC and BaFin [Bundesanstalt für Finanzdienstleistungsaufsicht] and I look forward to continuing our very strong partnership with BaFin, one of the world’s leading financial regulatory authorities.”
CFTC Director of Enforcement James McDonald added: “this case highlights the importance of complete and accurate reporting of swap transactions, supervision, and transparency with the CFTC. The Commission will work vigorously to ensure the integrity of our markets by ensuring registrants comply with their reporting, compliance, and supervision obligations.”
CFTC Closes Investigation into Deutsche Bank
It seems that Thursday was a busy day for the CFTC, as the regulator also announced that it has filed and settled charges against Jacob Bourne. A former managing director of Deutsche Bank Securities Inc., Bourne was found to have illegally mismarked swap valuations to hide large trading losses.
As a result, he will have to pay a civil penalty of $350,000. The CFTC has also permanently banned him from trading on an exchange, as well as being registered with the CFTC, among other measures.
Following this, the Division of Enforcement has now issued the first public declination letter to both Deutsche Bank AG and Deutsche Bank Securities Inc. The letter states that the commodities regulator is now closing its investigation into Deutsche Bank.
Noel Quinn's Surprise Exit Marks End of an Era at HSBC
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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