Page 24 - 期货和衍生品行业监管动态（2023年4月）
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期货和衍生品行业监管动态
failed to communicate to clients in a fair and balanced manner based on principles of
fair dealing and good faith, in violation of Regulation 23.433.
Goldman admits that for nearly all “same-day” swaps executed in 2015 and 2016,
it either failed to disclose any PTMMM or failed to disclose an accurate PTMMM, and
that this conduct violated a CFTC regulation.
The order imposes a $15,000,000 civil monetary penalty.
“The purpose of the CFTC’s Business Conduct Standards is to promote
transparency and fairness in the swaps market. The CFTC is committed to ensuring that
swap dealers abide by these standards, so that swap counterparties receive disclosures
allowing them to assess material aspects of the swaps before entering into them. As
today’s penalty against Goldman demonstrates, the CFTC will aggressively pursue
swap dealers that violate these business conduct standards,” said Director of
Enforcement Ian P. McGinley.
Case Background
The order finds that in 2015 and 2016, Goldman transacted dozens of “same-day”
equity index swaps with U.S.-based clients. In a “same-day” equity index swap, the
equity leg of the swap strikes on the “same day” as the other material terms of the swap
are agreed upon, rather than—as is typical—the day after the date of agreement. The
order finds that Goldman failed to disclose to clients the PTMMM of these swaps—
often disclosing a PTMMM for a different swap (the analogous “T+1” swap) instead,
thereby obscuring the value of the same-day swap.
The order finds that Goldman opportunistically solicited or agreed to enter into
same-day swaps only on days and at times that were financially advantageous to
Goldman and disadvantageous to its clients. Moreover, the manner in which Goldman
communicated to clients caused the same-day swaps to appear more economically
advantageous to the clients than they actually were. As found in the order, in certain
instances, Goldman disclosed a PTMMM for the “T+1” swap and then bid over it for
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