Page 16 - 期货和衍生品行业监管动态（2022年9月）

期货和衍生品行业监管动态

“Mismarking schemes undermine the fairness and integrity of the markets, and
we will vigorously pursue such misconduct and hold individuals accountable, where

appropriate,” said CFTC Acting Director of Enforcement Gretchen Lowe.

Case Background

The order finds that between January 2015 and at least April 2018, Brochard, a

trader on the IRD Desk, submitted false or misleading entries in the swap dealer’s

internal recordkeeping and accounting system relating to the marking of the

end-of-day USD LIBOR forward curve (Closing Curve), for the purpose of inflating

the unrealized profit & loss (P&L) of the IRD Desk and disguising significant trading

losses. Brochard engaged in a pattern of marking the Closing Curve in a manner that

varied from observed mid-market prices and in a manner that aligned with the risk

positions of the IRD Desk, while generally staying within the limits of internal
controls designed to detect mismarking. At its peak in early 2018, Brochard’s

mismarking of the Closing Curve overstated the P&L of the IRD Desk by

approximately $25 million.

In accepting Brochard’s offer of settlement, the CFTC recognizes his substantial

cooperation during the Division of Enforcement’s investigation of this matter. The

CFTC notes that Brochard’s cooperation was recognized in the form of a reduced

civil monetary penalty.

https://www.cftc.gov/PressRoom/PressReleases/8582-22

4. 美国商品期货交易委员会指控互换交易商未切实监督两个衍生品交易柜台的

估值活动（2022 年 9 月 6 日）

CFTC 签发行政令对全球性银行和互换交易商 Natixis 提出指控并达成和解，

因该银行在其位于纽约的利率衍生品交易柜台（IRD Desk）和股票衍生品流通与

方案交易柜台（FAST Desk）未能认真对其交易员进行监督。为夸大利润、减少

损失，或为使其回报更“均匀”，IRD Desk 和 FAST Desk 的交易员分别对其头

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