Washington, D.C. – The U.S. Commodity Futures Trading Commission (CFTC) settled charges against Libero Commodities SA on May 11, 2015, for failing to comply with reporting regulations. The agricultural trading company, headquartered in Geneva, Switzerland, with an office in Mato Grasso, Brazil, was cited for failing to submit required weekly CFTC Form 304 Reports detailing its cotton purchases and sales.
The CFTC found that Libero, on approximately 200 occasions between May 2010 and April 29, 2014, held over 100 cotton futures positions – the threshold requiring reportable traders to file weekly reports – but did not do so. These reports, mandated by CFTC Regulation 19.02, are crucial for the agency’s weekly Cotton On-Call Reports, which provide insight into market activity.
“Call cotton” refers to physical cotton transactions where the price is determined later based on futures prices. The CFTC utilizes this data for market oversight and analysis. The agency previously issued an advisory in 2013 reminding market participants of their reporting obligations.
As a result of the violations, Libero Commodities SA will pay a $480,000 civil monetary penalty. The company is also prohibited from future violations of the CFTC regulation. Furthermore, Libero has committed to implementing written procedures and internal controls to ensure full compliance with future reporting requirements.
The case was led by CFTC staff members Elizabeth Davis, Erica Bodin, and Rick Glaser, with assistance from Janet Briner, Kelly Beck, Harold Hild, and Matthew Hunter of the Division of Market Oversight.
Source: CFTC.gov
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