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.
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.
"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.
Write to Chelsey Dulaney at Chelsey.Dulaney@wsj.com
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