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Commentary by Steven Lofchie

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

ISDA updated its Model Netting Act, which provides a template for jurisdictions considering enforcing close-out netting.