10:56 AM EDT, 10/01/2024 (MT Newswires) -- (Updates with a response from Barclays ( JJCTF ) in the last paragraph.)

The Commodity Futures Trading Commission said Tuesday that Barclays ( JJCTF ) will pay a $4 million penalty for violations of swap reporting rules.

The CFTC said it filed an order and simultaneously settled charges against the bank for the breaches.

The regulator said Barclays ( JJCTF ) admitted the facts in the order and acknowledged that its actions violated the Commodity Exchange Act and CFTC rules.

The agency said that from 2018 through last year, Barclays ( JJCTF ) "failed to correctly report, or failed to timely report, millions of swap transactions."

The CFTC also said it recognized Barclays' ( JJCTF ) "substantial cooperation" during the probe, adding that the banks' cooperation and remediation actions were "recognized in the form of a reduced civil monetary penalty."

A Barclays ( JJCTF ) spokesperson declined to comment in response to a request from MT Newswires.

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