- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2023-04-11T17:23:00
Goldman Sachs will pay a $15 million fine to settle charges from the Commodity Futures Trading Commission (CFTC) it manipulated the execution of same-day swaps to the detriment of unsophisticated clients and for failing to accurately disclose the actual cost of those swaps.
Goldman admitted that over a two-year period from 2015-16 it failed to disclose any pre-trade-mid-market marks (PTMMM) on dozens of the same-day equity index swaps it executed or failed to disclose an accurate PTMMM in violation of CFTC rules, the agency said Monday in a press release.
The CFTC said it found 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.” In many cases, Goldman made these same-day swaps appear more advantageous to the client than they were.
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