CFTC files lawsuit against Deutsche Bank
- Suit is for alleged swap data reporting deficiencies
- The banks efforts to end April 2016 system outage exasperated existing reporting problems and created new ones.
- Many of the problems it discovered violated a previous CFTC order
- Some of the problems persist, affecting the market data that is made available to the public
- The persistence of the problems also affects its ability to evaluate systematic risk in swaps markets
- Lawsuit is for reporting violations, supervision failures, in violation of prior orders
Back in September 2015, Deutsche was fined 2.5 million (CLICK HERE) for swaps reporting violations a related supervisory failures. No wonder they got in trouble again. Only a 2.5 million dollar fine? Peanuts.
In a separate statement DB said it agreed to steps to resolve the matter and that they are committed to meeting regulatory requirements.
Deutsche Bank stock is trading up $0.02 at $13.99.