Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex

Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

CFTC U S Commodity Futures Trading Commission : Orders ABN AMRO Clearing Chicago LLC to Pay a $160,000 Civil Monetary Penalty for Supervisory and Recordkeeping Failures

share with twitter share with LinkedIn share with facebook
share via e-mail
0
09/15/2018 | 12:58am CEST

September 14, 2018

Washington, DC- The Commodity Futures Trading Commission (CFTC) today issued an Order filing and settling charges against ABN AMRO Clearing Chicago LLC(ABN), a Futures Commission Merchant, for failing to maintain certain required records and failing to supervise its employees and agents to ensure that ABN fulfilled its statutory and regulatory obligation to keep and promptly produce such records.

Specifically, the Order finds that from January 24, 2014 through August 28, 2015 (the Relevant Period) ABN failed to maintain electronic audit trail information relating to the trading of derivatives for a total of sixty-five clients. In addition, the Order finds that during the Relevant Period ABN had no system in place to confirm that no anomalies existed in its data collection and preservation. Thus, while ABN had a recordkeeping system in place, that system did not confirm that that it was accurately preserving audit trail data.

On March 31, 2016, the CFTC's Division of Enforcement (Division) issued a request pursuant to Section 4g, 7 U.S.C. § 6g (2012), for certain required records - specifically, audit trail data of an ABN client. ABN produced data pursuant to this request, and the Division thereafter discovered significant gaps and missing transactions in the audit trail data. The Division notified ABN of these issues, and, the Order finds, ABN was not aware of the gaps and missing transaction data until such notice from the Division. The Order finds that after ABN was alerted to these problems by the Division, ABN made substantial efforts to repair and reconstruct the audit trail data impacted by the recordkeeping failures, and ultimately did reconstruct substantially all affected records.

The CFTC appreciates the cooperation and assistance of the CME Group.

The CFTC Division of Enforcement staff members responsible for this action are Raagnee Beri, Kim Bruno, Michelle Bougas, Diana Dietrich, Kathleen Banar, and Rick Glaser.

Disclaimer

CFTC - U.S. Commodity Futures Trading Commission published this content on 14 September 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 September 2018 22:57:08 UTC

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
09:52aTrump, Brexit bite into German growth outlook - BDI
RE
09:44aESCAP ECONOMIC AND SOCIAL COMMISSION FOR ASIA AN : UN launches first campaign to eliminate violence against children and adolescents with disabilities in Asia-Pacific
PU
09:44a3W POWER : AEG Power Solutions elects Lamberto Tassara, Michel Augonnet and Richard Thomson to its Board of Directors
PU
09:39aWINDEUROPE : Renewables-based electrification the key to decarbonising Europe’s economy
PU
09:34aCANE INDUSTRY : Government Committed to assist Small Planters and Key Stakeholders, says Minister Seeruttun
PU
09:34aWORLD BANK : Non-Routine Jobs Rise in Serbia, but Labor, Taxation and Social Policies Must Be Upgraded to Address Increasing Inequality, Says World Bank
PU
09:34aWORLD BANK : Labor, Taxation, and Social Policies Must Be Upgraded to Address Rising Inequality in Europe and Central Asia, Says World Bank
PU
09:34aWORLD BANK : EU Social Policies, including in Croatia, Need Upgrade to Keep Pace with Evolving Labor Markets, New Technologies
PU
09:34aWORLD BANK : In Belarus, Inequality Between Regions Requires New Policy Approach, says World Bank Report
PU
09:34aWORLD BANK : In Ukraine, Labor, Taxation, and Social Policies Must Be Upgraded to Address Rising Inequality, Says World Bank
PU
Latest news "Economy & Forex"
Advertisement