Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

FINRA Fines Goldman Sachs $1.8M for Trade Reporting Failures

Joe Mont | July 28, 2015

Goldman Sachs Group has agreed to pay $1.8 million to resolve allegations by the Financial Industry Regulatory Authority that one of its units failed to accurately submit required trade reports.

FINRA rules require firms to transmit all applicable order information to its Order Audit Trail System in a complete and accurate manner. The independent regulator for U.S. securities firms found that Goldman Sachs Execution & Clearing failed to transmit a substantial number of order-related events to OATS for its Alternative Trading System for approximately seven years, and the firm transmitted inaccurate data for a large number of order-related events for more than eight years. Also, even though Goldman Sachs Execution & Clearing's ATS captured order event times in milliseconds, it failed to report order event timestamps in milliseconds for a 10-month period. The firm also submitted a large number of...

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.