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.

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.