Goldman Fined $1.8M for Reporting Violations

Markets Dow Jones Newswires

Goldman Sachs Group Inc.'s execution and clearing unit has been fined $1.8 million for reporting violations that spanned more than eight years, the Financial Industry Regulatory Authority said Monday.

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According to Finra, Goldman Sachs Execution & Clearing LP failed to transmit a "substantial number" of order-related events to Order Audit Trail System for about seven years. The events were for its alternative trading system, Finra said.

Finra said Goldman Sachs Execution & Clearing also sent inaccurate data for a large number of order-related events for more than eight years.

The firm also submitted reports that didn't report execution timestamps in milliseconds for a three-month period, according to Finra.

Finra said Goldman Sachs didn't have adequate controls in place to prevent the violations.

Goldman Sachs neither admitted nor denied the charges.

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"We're pleased to have concluded this matter. We self-reported many of the issues to Finra, voluntarily took steps to fix those issues, and provided substantial assistance to the Finra staff conducting the investigation," a Goldman spokeswoman said.