NEW YORK (Reuters) -Goldman Sachs will pay a $1.45 million civil fine to settle a U.S. regulator’s claims that the Wall Street bank failed to accurately report data for billions of stock market trades.
The Financial Industry Regulatory Authority said in a consent order on Tuesday that coding errors at Goldman led to inaccurate reporting of 36.6 billion trades to the CAT Central Repository, which helps the regulator monitor markets.
CAT is an acronym for consolidated audit trail.
FINRA also said a technology failure caused Goldman in October and November 2021 to inaccurately prepare 90.8 million order memoranda, report 6.9 million trades and issue more than 372,000 trade confirmations. It said the failure also led Goldman to report 98,322 trades it should not have reported.
The settlement also addresses alleged supervisory failures.
Goldman did not admit or deny wrongdoing in agreeing to settle. It had no immediate comment on Wednesday.
(Reporting by Jonathan Stempel in New York; Editing by Mark Porter)
DJ Kamal Mustafa
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