Page 520 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

designed to detect and prevent violations of the Commodity Exchange Act (CEA) and
CFTC regulations that are the subject of the order.

“Today’s enforcement action highlights the importance of accurate and timely

swaps reporting and makes clear that persistent and recurring reporting failures

violate SEF Core Principles. Accurate and timely swaps reporting is necessary for the

CFTC to safeguard the integrity of our markets and to ensure market transparency,”

said CFTC Acting Director of Enforcement Gretchen Lowe.

Case Background

The order specifically finds that from January 2017 to March 2022, as a result of

11 separate reporting systems issues, BGCD failed to report or accurately report

nearly 12,500 swap transactions to the CFTC and/or to the public on its public

website. As a result of three other reporting systems issues during this same time

period, BGCD failed to report real-time transaction and pricing data for over 3,500
transactions to an SDR and further failed to timely submit corrected data to the SDR

for a subset of those transactions. In aggregate, these 14 issues led to BGCD’s failure

to report or accurately report (including both under and over reporting) over 16,000

swap transactions in various products (interest rate, FX, credit, and equities), on

hundreds of trading dates.

The order further finds BGCD had inadequate processes and procedures for

reporting swap transactions and identifying reporting issues as they arose. As a result,

BGCD did not timely identify the majority of these reporting issues. Specifically, over

half of BGCD’s reporting issues were unknown to BGCD for eight months or more,

with two of them being undetected (and uncorrected) for over four years. Moreover,

these persistent and recurring issues, according to the order, show BGCD’s capacity

to capture and transmit accurate and complete trade information to the public and to
the CFTC was deficient. Further, the order finds BGCD was aware it lacked a process

for reconciling its reports with the SEF’s trading activity, but failed to timely

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