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	<title>BrokerDealer Blog &#187; OATS</title>
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		<title>Goldman Smacked: Finra Fine of $1.8mil re OATS Violation</title>
		<link>http://brokerdealer.com/blog/goldman-smacked-finra-fine-of-1-8mil-re-oats-violation/</link>
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		<pubDate>Wed, 29 Jul 2015 18:19:59 +0000</pubDate>
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				<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[brokerdealer.com]]></category>
		<category><![CDATA[Financial Industry Regulatory Authority]]></category>
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		<category><![CDATA[Goldman Sachs]]></category>
		<category><![CDATA[OATS]]></category>

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		<description><![CDATA[<p>(Bloomberg) &#8212; BrokerDealer Goldman Sachs Group Inc agreed to pay $1.8 million to resolve Financial Industry Regulatory Authority claims that one of its units submitted inaccurate trading information over a period of eight years.Goldman Sachs agreed to resolve the claims without admitting or denying the findings, Finra said in a statement Monday. Wall Street’s self-funded regulator accused [&#8230;]</p>
<p>The post <a rel="nofollow" href="http://brokerdealer.com/blog/goldman-smacked-finra-fine-of-1-8mil-re-oats-violation/">Goldman Smacked: Finra Fine of $1.8mil re OATS Violation</a> appeared first on <a rel="nofollow" href="http://brokerdealer.com/blog">BrokerDealer Blog</a>.</p>
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				<content:encoded><![CDATA[<h2 class="indent"><span style="font-size: 12px; line-height: 16px;">(Bloomberg) &#8212; BrokerDealer Goldman Sachs Group Inc agreed to pay $1.8 million to resolve Financial Industry Regulatory Authority claims that one of its units submitted inaccurate trading information over a period of eight years.</span>Goldman Sachs agreed to resolve the claims without admitting or denying the findings, <span class="highlight">Finra</span> said in a statement Monday. Wall Street’s self-funded regulator accused the bank of sending bad data to the Order Audit Trail system, which <span class="highlight">Finra</span> uses to monitor the trading practices of regulated firms.</h2>
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<p class="indent">“OATS data is integral to Finra’s automated market surveillance program to detect manipulative activity and other potential violations of <span class="highlight">Finra</span> rules and federal securities laws,” Thomas Gira, executive vice president of market regulation, said in the statement.</p>
<p class="indent">From July 2006 to March 2015, Goldman Sachs transmitted inaccurate or incomplete information on more than 20 percent of all trading data submitted to <span class="highlight">Finra</span>, the regulator said.</p>
<p class="indent">The conduct centered around the firm’s dark-pool trading venue Sigma X, which has been working on improving its technology. The New York-based bank hired Raj Mahajan, the former head of high-frequency trader Allston Trading, in January to run its equities electronic execution business, which includes the dark pool.</p>
<p class="indent">“We’re pleased to have concluded this matter,” Tiffany Galvin, a spokeswoman for Goldman Sachs, said in an e-mailed statement. “We self-reported many of the issues to <span class="highlight">Finra</span>, voluntarily took steps to fix those issues, and provided substantial assistance to the <span class="highlight">Finra</span> staff conducting the investigation.”</p>
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<p>The post <a rel="nofollow" href="http://brokerdealer.com/blog/goldman-smacked-finra-fine-of-1-8mil-re-oats-violation/">Goldman Smacked: Finra Fine of $1.8mil re OATS Violation</a> appeared first on <a rel="nofollow" href="http://brokerdealer.com/blog">BrokerDealer Blog</a>.</p>
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