Goldman Sachs Execution & Clearing, L.P. is a financial services firm that specializes in providing capital markets, brokerage and AMEX and Nasdaq information and trading services. The firm is a public equities trading specialist including futures, options and other derivatives, fixed income, foreign exchanges and other prime brokerage services to mutual funds, hedge funds, arbitrageurs and other money managers. Goldman Sachs Execution & Clearing, L.P. operates as a subsidiary of The Goldman Sachs Group, Inc.
30 Hudson Street
Jersey City, NJ 07302-4699
Founded in 1931
The Financial Industry Regulatory Authority Fines Goldman Sachs Execution & Clearing, L.P. $1.8 Million for OATS and Trade Reporting Failures
Jul 27 15
The Financial Industry Regulatory Authority announced that it has fined Goldman Sachs Execution & Clearing, L.P. $1.8 million for systemic Order Audit Trail System (OATS) reporting violations spanning a period of more than eight years, failure to accurately submit required trade reports to the appropriate FINRA Trade Reporting Facility, and related supervisory failures. FINRA rules require firms to transmit all applicable order information to OATS in a complete and accurate manner. FINRA found that Goldman Sachs Execution & Clearing failed to transmit a substantial number of order-related events to OATS for its Alternative Trading System (ATS) for approximately seven years, and the firm transmitted inaccurate data for a large number of order-related events for more than eight years. In addition, even though Goldman Sachs Execution & Clearing ATS captured order event times in milliseconds, it failed to report order event timestamps in milliseconds for a 10-month period. The firm also submitted a large number of inaccurate, incomplete or improperly formatted trade reports that did not report execution timestamps in milliseconds for a three-month period. During the period of review, Goldman Sachs Execution & Clearing did not have adequate systems and controls in place to detect and prevent the violations.
The Siebels Hard Asset Fund, ltd. Announces Change of Prime Broker and Custodian
Jul 22 15
The Directors of the Siebels Hard Asset Fund (Cayman) Ltd. announced that Goldman Sachs Execution & Clearing, L.P has been appointed in place of Union Bank of Switzerland AG as Custodian and Prime Broker to The Siebels Hard Asset Fund, ltd., under the terms of the Prime Brokerage Agreement dated as at January 31, 2015. The change was approved at a meeting of the board of Directors on June 19, 2015. The Fund has appointed Goldman Sachs Execution & Clearing, L.P whose services may include providing the Fund with margin financing, clearing, settlement, stock borrowing and foreign exchange facilities. The Fund may also use Goldman Sachs Execution & Clearing, L.P and other brokers and dealers to execute transactions for the Fund. Goldman Sachs Execution & Clearing, L.P provides a custody service for all the Fund's investments held by Goldman Sachs Execution & Clearing, L.P in accordance with the Prime Brokerage Agreement and will be responsible for the safekeeping and custody of all of the assets of the Fund, other than assets deposited as margin with brokers, settling and clearing securities transactions in the Fund's account, preparing monthly or periodic statements of the Fund's account and transmitting such statements to the Fund, it maintains such books and records as are required to performed for its function pursuant to all applicable laws, rules and regulations it also responsible for receiving, delivering, holding and disbursing funds and securities for the Fund's account, including paying or collecting any interest or dividends and processing any exchange or tender offers, redemptions, conversions and the exercise of any options or rights with respect to securities, in each case in accordance with instructions received, extending credit to the Fund for the purchase for sale of securities in the Funds account in accordance with the margin agreement and in accordance with all applicable laws, rules and regulations, providing custody of funds and securities in the Funds account while such funds and securities are in the possession of Clearing Firm. The Prime Brokerage Agreement may be terminated by either the Fund or Goldman Sachs Execution & Clearing, L.P at any time effective upon the giving of written notice of such termination to the other party. Goldman Sachs Execution & Clearing, L.P is not liable for any loss of the Fund resulting from any act or omission relating to the services provided under the terms of the Prime Brokerage Agreement unless the loss results directly from gross negligence, or willful misconduct. The Fund indemnifies them against any loss or claims arising out of the Prime Brokerage Agreement, except to the extent that the losses or claims result from gross negligence, or willful misconduct.