Goldman Sachs, Barclays, BofA Fined Over Trading DataDavid McLaughlin
Goldman Sachs Group Inc., Barclays Plc and Bank of America Corp.’s Merrill Lynch unit were fined $1 million each for submitting inaccurate information about securities trading to regulators.
The banks failed to provide “complete and accurate information” about trading, known as blue sheet data, that regulators use to investigate potential insider trading and market manipulation, the Financial Industry Regulatory Authority said in a statement today.
“When firms fail to submit timely and accurate blue sheet data, it compromises the ability of every regulator to identify the perpetrators of illegal insider trading and other market abuses,” said Cameron Funkhouser, the head of Finra’s fraud detection office.
Finra said the violations included submissions that failed to include some customer names, contained incorrect names, and failed to include some transactions. Goldman Sachs, Barclays and Merrill Lynch each has a history of inaccurate blue sheet data, according to the statement.
Michael DuVally, a spokesman for New York-based Goldman Sachs and Bill Halldin, a spokesman for Bank of America, based in Charlotte, North Carolina, declined comment. A spokesman for London-based Barclays didn’t immediately respond to an e-mail seeking comment.
The firms didn’t admit or deny wrongdoing.