WASHINGTON—The Commodity Futures Trading Commission (CFTC) on Monday said it has filed and settled charges against Refinitiv US SEF LLC., in the agency’s first-ever enforcement action against a swap execution facility over reporting violations.
Refinitiv, which provides financial data and software to traders, banks and investors, has agreed to pay a civil penalty of $650,000 for failing to report certain swap data for at least 320,000 transactions from February 2016 through August 2020, the CFTC said in a statement. It added that on multiple occasions, the firm either knew or had reason to suspect it was not fully complying with requirements. Refinitiv eventually reported the violations to the CFTC, the regulator said.
A spokesperson for Refinitiv, which did not admit or deny the CFTC’s findings, said that the firm has worked closely with the agency to identify and resolve issues and that customers’ compliance has not been affected.
The firm is owned by the London Stock Exchange Group and is the largest customer of Reuters News. Thomson Reuters, the parent company of Reuters News, holds a minority stake in the LSE.