CFTC Orders Goldman Sachs To Pay $15 Mln For Violations Of Swap Business Conduct Standards

(RTTNews) - The Commodity Futures Trading Commission ordered Goldman Sachs & Co. to pay $15 million for violations of Business Conduct Standards applicable to swap dealers.

The CFTC found that Goldman failed to disclose dozens of pre-trade-mid-market marks (PTMMM), in violation of Regulation, and failed to communicate to clients in a fair and balanced manner based on principles of fair dealing and good faith, in violation of Regulation.

The CFTC said that Goldman admits that for nearly all "same-day" swaps executed in 2015 and 2016, it either failed to disclose any pre-trade-mid-market marks or failed to disclose an accurate pre-trade-mid-market marks, and that the conduct violated a CFTC regulation.