The U.S.'s top swaps watchdog appears to be losing its bark and its bite.

The Commodity Futures Trading Commission sought $413 million of penalties from Wall Street banks and other firms in the 12 months ended in September, down 68% from $1.3 billion in 2016, the regulator said in a statement last Wednesday. The drop is even more stark when compared with the record $3.2 billion of sanctions the agency imposed on firms in 2015.

The number of CFTC enforcement cases has also been falling in recent years. In 2017, there were 49 cases, compared with 68 a year earlier and 69 in 2015.

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