UBS AG has been fined $500,000 by the Commodity Futures Trading Commission (CFTC) for prematurely but inadvertently deleting more than 1,000 hours of audio files related to pre-execution swaps trade information the regulator required be saved for one year.
The CFTC announced the fine Thursday, noting the mistake occurred when a technician wrongly believed six months of audio files from July to December 2019 were test files and changed the retention period from five years to one day.
