Barclays, Goldman and Merrill fined US$1 million each for bad trade info
June 6, 2014, 12:05 am TWN
NEW YORK--The Financial Industry Regulatory Authority said Wednesday that it fined investment banks Barclays, Goldman Sachs and Merrill Lynch US$1 million each for providing incomplete and inaccurate information about trades the companies conducted.
Finra said that the trading information is required to be submitted upon request but it said the data was missing, had incorrect customer names and contact information or inaccurate details about the transactions.
Regulators use the trading data, known as “blue sheets,” to investigate potential insider trading or other manipulations of the market.
The Wall Street regulator said that Barclays PLC, The Goldman Sachs Group Inc. and Merrill Lynch neither admitted nor denied the charges by settling the cases.
Barclays, Goldman Sachs and Merrill Lynch, which is a unit of Bank of America Corp., declined to comment.