- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Kyle Brasseur2023-04-19T14:20:00
The New York-based investment banking division of Barclays was fined $2.5 million as part of a settlement with the Financial Industry Regulatory Authority (FINRA) addressing allegations it failed to accurately report over-the-counter (OTC) options positions in more than 4 million instances.
Barclays Capital (now Barclays Corporate and Investment Bank) failed to reasonably supervise its large options positions reporting (LOPR) system, which was hampered by four separate coding errors, according to FINRA’s settlement published Tuesday. The alleged issues resulted in 4.3 million violations of FINRA Rules 2360(b)(5) regarding options positions and 2010 on principles of trade.
The four coding errors existed over varying periods ranging four to eight years from January 2011 through December 2022, according to FINRA. They included:
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