CFTC Orders UBS AG to Pay A $500,000 Penalty

The US Commodity Futures Trading Commission (CFTC) announced that it has issued an order and simultaneously filed and settled charges against UBS AG for failing to retain certain audio recordings for the time required under CFTC regulations.

The order revealed that as a result of failures in UBS’s audio retention systems, the firm deleted over 1,000 hours of audio data after one day, including voice recording files that were required by CFTC regulations to be retained for one year.

The deleted files included voice recordings containing pre-execution swaps information such as quotes, solicitations, bids, offers, instructions, trading, and prices that lead to the execution of swaps, all of which are required by commission regulations to be retained.

That said, the authority asked UBS AG to pay a $500,000 civil monetary penalty and cease and desist from any further violations of the CFTC regulations.

This week, the CFTC has published its monthly report for August 2021​, revealing a month-on-month rise of 0.4 percent in retail FX deposits compared with the $550.4 million reported in July 2021.