The Financial Industry Regulatory Authority (FINRA) ordered a Goldman Sachs unit to pay $1.8 million because of not reporting substantial details about its alternative trading system, and for other lapses in reporting. FINRA alleges that the failure to report the details occurred over a seven year period from 2006 to 2014. Alternative trading systems, also known as “dark pools,” which are private exchanges or forums for trading securities that are not accessible by the investing public. They completely lack transparency. FINRA also accused Goldman Sachs of sending inaccurate order data to the regulatory authority for more than eight years, and of not having adequate controls in place to detect and prevent the violations. For example, Goldman Sachs failed to send details regarding more than $6.3 billion “order events” to FINRA, which makes up about 6.1% of all order information the firm was required to send.
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