I'd rather work for a company that CFTC hasn't ordered to pay a civil monetary penalty for swap data reporting failures, so I wouldn't have to read news like this:
The regulator added that Refinitiv was aware or had reason to suspect that this was ongoing but failed to remedy its non-compliance.
(The Trade)
Any thoughts?
As those who have been at the firm for a reasonable time would be aware, compliance and regulatory oversight of processes and functions are not a focus. A number of items have been escalated internally to compliance over the years but they have usually been choked by the regional sales head or the regional MDs unfortunately. Hiding reporting issues, conflict of interest, etc, etc has no been uncommon.
One thing that has been said and is true, is that as a licensed and regulated entity, the LSE won't tolerate this as they will face scrutiny with possible conditions on their license put in place which perhaps would be enforceable. With execs personally accountable it will be a focus. Now watch for the usual suspects at RF run around to be seen as the compliance specialists when they were probably part of the problem.
lol. you wont be happy about how we assist clients in dodging local taxes by misreporting their physical location on contracts then. If it acts like tony soprano and looks like tony soprano it can only be our very own Debby.W. she's smothered every attempt at holding sales accountable for these 'lapses' for years. refinitiv finance is well aware but lseg wont tolerate it once they look at the details. good!