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Report: CFTC asked to justify Deutsche Bank settlement over alleged swap reporting failings

A U.S. federal judge ordered the Commodity Futures TradingCommission to provide reasons why a settlement with over alleged failingsin swap data reporting is justified, Reuters reported Sept. 23.

The regulator filed a complaint against the German bank in August,outlining various problems with its swap data reporting, while also announcingthe proposed settlement.

U.S. District Judge William Pauley in Manhattan said theCFTC needed to prove, by Sept. 30, that the settlement was fair and in thepublic interest, saying he would not simply "rubber stamp" agreementssuch as this.

A hearing has been scheduled for Oct. 6.