Citibank and London-based Citigroup Global Markets have agreed to pay a fine of $550,000 to the US Commodity Futures Trading Commission (CFTC) for breaching swap data reporting rules.
The regulator said that the entities failed to properly report Legal Entity Identifier (LEI) information for tens of thousands of swap transactions to a Swap Data Repository (SDR) between April 2015 and December 2016.
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“An LEI is a unique, 20-character, alpha-numeric code, used to uniquely identify legally distinct entities that act as counterparties to swap transactions, among other financial transactions. The reporting requirements are designed to enhance transparency, promote standardization, and reduce systemic risk,” CFTC said.
The companies were also accused of failing to put in place adequate reporting systems for the task, and rectify errors in previously reported LEI data.
The entities also failed to supervise the reporting process efficiently and enforce existing policies and address compliance with no-action relief, the watchdog said.
However, the regulator noted that Citi cooperated with its probe into the matter.
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