Page 438 - 《期货和衍生品行业监管动态》（2022年合集）

期货和衍生品行业监管动态

Brochard 对收盘曲线盯市价格的错误定价使 IRD Desk 的损益被夸大了约 2500

万美元。

在接受 Brochard 的和解提议时，CFTC 认可了其在执法部门调查此事期间的

提供了实质性配合。CFTC 指出其已通过减少民事罚款的形式认可了 Brochard 的

合作。

CFTC Charges Former Trader for Engaging in a Fraudulent Scheme to

Mismark U.S. Dollar Interest Rate Derivatives (2022/9/6)

The Commodity Futures Trading Commission today issued an order filing and

settling charges against Blaise Brochard of New York, New York, a former trader at a

global bank, for engaging in a scheme to mismark positions on the bank’s U.S. dollar
interest rate derivatives desk (IRD Desk). The order requires Brochard to pay a

$250,000 penalty, cease and desist from violating applicable provisions of the
Commodity Exchange Act (CEA) and CFTC regulations, and comply with certain

conditions and undertakings, including a three-year ban on trading commodity

interests for or on behalf of other persons or entities.

“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

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