Goldman Sachs is set to pay a $1.45 million civil fine to resolve allegations by U.S. regulators concerning inaccurate reporting of billions of stock market transactions. The Financial Industry Regulatory Authority (FINRA) highlighted that coding errors at Goldman Sachs led to the incorrect reporting of 36.6 billion transaction data entries to the CAT central repository, a system designed to help regulators monitor the market.
Additionally, FINRA noted that from October to November 2021, a technical glitch at Goldman Sachs resulted in the erroneous compilation of 90.8 million order memoranda, the reporting of 6.9 million transactions, and the issuance of over 372,000 trade confirmations. Furthermore, the malfunction led to the reporting of 98,322 transactions that should not have been reported. The settlement also addresses accusations of regulatory lapses by Goldman Sachs. The company neither admitted nor denied any wrongdoing as part of the settlement agreement. Goldman Sachs has yet to comment on the matter.
