Goldman Sachs has become the latest bank to be handed a fine over trade reporting failures as regulators clamp down on discrepancies.
The Financial Industry Regulatory Authority (FINRA) has penalised Goldman Sachs Execution & Clearing $1.8 million for systemic Order Audit Trail System reporting violations spanning a period of more than eight years and failure to accurately submit required trade reports to the appropriate FINRA Trade Reporting Facility.
The action comes only two weeks after the same watchdog fined a unit of Barclays $800,000 for reporting violations over a two-year period.
Also this month, the London Stock Exchange fined one of its member £225,000 for failure to report fixed income trades over “a considerable period of time”.
The UK Financial Conduct Authority handed out its biggest fine to date to Merrill Lynch International on April 22nd with a penalty of over £13 million incorrectly reporting 35,034,810 transactions and failing to report another 121,387 transactions between November 2007 and November 2014.