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Dodd Frank

Cargill fined $10m for misreporting marks under Dodd Frank

The CFTC has fined Cargill $10m for the misreporting of marks to SDRs and counterparties. The CFTC’s press release can be found here. According to the  press release, the order finds that Cargill provided counterparties and the SDR inaccurate marks which had the effect of concealing up to ninety percent of Cargill’s mark-up. The press release also discusses internal supervision failings despite concerns being raised internally. This article on the Reuters web site covers the fine, and refers to improvements to be made by Cargill to internal controls and employee training, highlighted in an emailed statement.

Last month the FCA fined Merrill Lynch International £34.5 for failure to report trades under EMIR (see here). There have also been several fines on both sides of the Atlantic relating to manipulation (see here).

About avivhandler

Aviv is the Managing Director of ETR Advisory, a niche consultancy focused on the regulation of the commodity, energy and financial markets. He has more than 23 years of experience in the financial, energy and commodity markets, covering regulatory compliance, credit, risk and financial technology. Prior to founding ETR, he was Partner at SunGard Global Services, where he built a Centre of Excellence in European Energy and Commodity Regulation. Before that, he founded Coherence, a consulting firm specializing in credit risk in commodity and energy trading as well as software product management. The credit practice ultimately became part of Sirius Solutions, where he was the Managing Director of Europe. He has also held management roles at KWI and Iris Financial, among other organizations. Mr. Handler holds a degree in computer science from Imperial College, University of London.


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