A French swap dealer and its former employee settled CFTC charges for mismarking swap positions to inflate profits and minimize losses or to "smooth out returns."
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NFA amended its Code of Arbitration and Member Arbitration Rules to increase filing and hearing fees and provide additional flexibility for certain administrative procedures.
The CFTC Division of Enforcement issued its first public Enforcement Manual to provide guidance for Division staff and those subject to Commodity Exchange Act and CFTC regulations.
A former managing director of a bank agreed to pay $350,000 to settle CFTC charges for illegally "mismarking" swap valuations in an effort to hide significant trading losses. According to the CFTC Order, the former managing director mismarked the valuations of swap instruments in an attempt to cover up significant trading losses incurred by entering false "end-of-day" marks into an internal bank spreadsheet utilized for internal asset valuations. In connection with this action, the CFTC Division of Enforcement closed its investigation. The CFTC noted that its decision to terminate the
A U.S. District Court ruled in favor of the Board of Trade of the City of Chicago, Inc. and Chicago Mercantile Exchange, Inc. from allegations that they conspired to stop the CFTC from approving the application of a competing exchange.