Barclays fined half a million for record-keeping failures

Barclays fined $500,000 for failing to produce confirmations on over a thousand trades.

UK based bank Barclays has been fined $500,000 by the Commodity Futures Trading Commission (CFTC), for violating record-keeping rules.

Barclays failed to create, maintain and produce confirmations for thousands of exchange for related position (EFRP) trades.

Between 2009 and 2012, the CFTC found Barclays entered precisely 3,717 metal and energy trades, but failed to keep confirmations on 1,358 of those.

It also said that the bank took almost 14 months to locate the confirmations for the remaining trades, ultimately leading to the fine.

The CFTC added that Barclays cooperated throughout the investigation and has taken actions to improve internal controls and policies for documenting and reporting trades.