Citibank, N.A. and Citigroup Global Markets Limited, provisionally registered swap dealers with the Commodity Futures Trading Commission, collectively agreed to pay a fine of US $550,000 to resolve CFTC charges that they failed to properly report legal entity identifier information for certain swap transactions from at least April 2015 through December 2016. According to the Commission, Citi’s alleged failure derived from a design flaw in its swap data reporting system regarding continuation data that did not require it to re-report transactions solely because of a change in counterparties’ LEI information. The CFTC also charged that Citi failed to report LEIs correctly regarding counterparties in certain foreign jurisdictions where there might be restrictions on the identification of such persons. The CFTC acknowledged Citi’s substantial cooperation in accepting the firms’ offer of settlement.