U.S. CFTC orders six financial institutions to pay fine for reporting failures

WASHINGTON (Reuters) – The U.S. Commodity Futures Trading Commission said on Tuesday it had ordered six financial institutions, including HSBC Bank USA, Societe Generale SA (PA:) and PNC Bank NA to pay $6 million for reporting failures.

The CFTC said Societe Generale and another financial institution, Northern Trust (NASDAQ:) Co, were charged with failing to supervise in connection with the reporting failure.

HSBC was also charged with violating swap-dealer risk management regulations, the CFTC said in a statement.

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