Goldman Sachs Pays Fine for Roiling Options Market in 2013
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Goldman Sachs Group Inc. agreed to pay a $7 million fine to settle regulatory claims that it sent thousands of mistaken orders that roiled the U.S. options market almost two years ago.
The bank didn’t have adequate safeguards to prevent its computers from placing about 16,000 mis-priced options orders on Aug. 20, 2013, the U.S. Securities and Exchange Commission said in a statement Tuesday. This led to about 1.5 million contracts trading at the beginning of that day’s session, before many of the transactions were later canceled.