The Securities and Exchange Commission announced Tuesday that Goldman Sachs settled charges, paying a $7 million fine, for erroneously sending approximately 16,000 options orders over less than hour all mispriced at $1. The erroneous transmission was caused by a lack of controls over the introduction of new computer functionality. Many of the executed trades were later canceled or received price adjustments. SEC Director of Enforcement Division Andrew Ceresney said,"Goldman's control environment was deficient in several ways, significantly disrupted the markets, and failed to meet the standard required of broker-dealers under the market access rule."
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