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Commodity traders face fines for failure to complete paperwork

Posted on 16 January 2014

The drudgery of paperwork is the highlight of few commodity traders’ days. But failure to complete the task can carry a hefty price tag. Two Brazil-based agricultural companies tied to Japan’s Mitsui & Co., Ltd., have agreed to pay $500,000 for failing to submit weekly reports showing their cotton purchases and sales, the U.S. Commodity Futures Trading Commission said in a release on Wednesday.
Multigrain SA and Agricola Xingu SA were not immediately available for comment………………………………………..Full Article: Source

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VRS - who has written 39021 posts on Opalesque Commodities Briefing.


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