BGC Financial has agreed to pay a $3 million civil penalty to settle charges pursued by the U.S. Commodity Futures Trading Commission (CFTC) regarding various supervision, reporting, and recordkeeping violations that went on for more than five years.
BGC will continue to retain an outside consultant to make recommendations for improvements for more than a year in accordance with the enforcement. The consultant also must prepare reports assessing the futures industry broker’s compliance with the Commodity Exchange Act and CFTC regulations.
