Version number 8442-21


CFTC orders Cargill to pay $ 750,000 for swap report failures and oversight failure

September 30, 2021

Washington DC– The Commodity Futures Trading Commission today issued an order simultaneously filing and settling charges against Cargill Inc., a provisionally registered swap broker doing business through its Cargill Risk Management business unit, for failing to comply with its reporting obligations as a swap broker and for failing to properly supervise its reporting obligations. adequate. The order requires Cargill to pay a civil fine of $ 750,000 and cease and desist from any other violation of the Commodity Exchange Act or CFTC regulations, according to the charges.

Context of the case

The ordinance specifically notes that from June 2017 to June 2019, Cargill did not include new swaps in their Daily Large Trader Reports (LTRs) and CFTC 102S form submissions. Additionally, between July 2019 and around November 2019, Cargill’s LTRs included inaccurate values ​​for the commodity benchmark price and volume. The new interchange omission occurred after Cargill changed its interchange data reports from one interchange data repository (SDR) to another and did not update its report feeds to fully integrate the data from the new SDR. Inaccurate benchmark price and commodity volume values ​​occurred due to an error in the Cargill reporting code.

The order also finds that Cargill breached its supervisory obligations because it did not have adequate internal processes in place to determine the accuracy or completeness of its swap reports and failed to notice omitting new swaps in its LTRs and Form 102S submissions for nearly two years.

The Enforcement Division staff responsible for this case are Brian A. Hunt, Alison B. Wilson, Erica Bodin and Rick Glaser.

-CFTC-

Disclaimer

CFTC – United States Commodity Futures Trading Commission published this content on September 30, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on September 30, 2021 11:51:05 PM UTC.


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