Natixis fined for mismarking US rates and equities positions

Former rates trader overstated P&L by $25m, while equities traders smoothed profits after 2018 windfall


Natixis and its former head of US dollar interest rate derivatives trading have been fined by a US regulator for deliberately mismarking positions to disguise losses and inflate gains between 2015 and 2018.

The trader, Blaise Brochard, was fined $250,000 and hit with a three-year trading ban on September 6 by the US Commodity Futures Trading Commission (CFTC) for his role in the scheme, which at its peak overstated the profit and loss (P&L) of the desk by around $25 million.

The French bank

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