Deutsche Bank was fined $2.5 million by the Commodity Futures Trading Commission for failing to adequately report its swaps transactions from January 2013 to July 2015.
The action is the CFTC's first in enforcing rules on real-time reporting of swaps transactions under the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, the agency said in a news release Wednesday.
The CFTC said Deutsche Bank “failed to properly report cancellations of swap transactions in all asset classes,” which included hundreds of thousands of reporting violations in its swaps reporting.
Also, Deutsche Bank was aware of problems relating to its cancellation messages since Dec. 31, 2012, when its reporting obligations under Dodd-Frank began, but it did not investigate or deal with the problems until it was notified of the CFTC investigation in June 2014, the agency said.
Deutsche Bank had no comment on the CFTC action, said Troy Gravitt, bank spokesman.