Goldman Sachs fined over trade rule violations

July 02, 2014 - 1:59:05 am

WASHINGTON: Wall Street’s self-funded regulator fined a unit of Goldman Sachs yesterday over pricing rule violations stemming from its “dark pool,” marking the latest in a string of recent enforcement actions targeting anonymous trading platforms.

Goldman Sachs Execution & Clearing LP agreed to pay an $800,000 fine and settle the case with the Financial Industry Regulatory Authority, or FINRA, without admitting or denying the charges.

FINRA said that Goldman’s dark pool SIGMA-X executed nearly 400,000 trades between July 29 and August 9 in 2011 that were at inferior prices, in violation of investor protection rules designed to ensure customers are getting the best deal. Reuters