By Telis Demos
A former Securities and Exchange Commission official has been appointed to monitor an overhaul of Deutsche Bank AG’s systems for reporting trades in its giant derivatives book.
Paul Atkins was named to the role by a federal judge on Thursday, following a request by the Commodity Futures Trading Commission. Last year, that agency fined Deutsche Bank $2.5 million for failing to make timely and accurate reports of derivatives trades known as swaps.
In August the CFTC said the bank’s systems were still having problems making those reports, and sought court appointment of a monitor. Mr. Atkins was an SEC commissioner from 2002 to 2008, and is now chief executive of regulatory consulting firm Patomak Global Partners LLC.
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