The Financial Industry Regulatory Authority, Wall Street's self-funded watchdog, fined Goldman Sachs Inc $3 million on Tuesday for mistakenly marking some of its stock orders as 'long' instead of 'short', and for trade reporting violations.
The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly
$3 million on Tuesday for mistakenly marking some of its stock orders as "long" instead of "short", and for trade reporting violations. The mismarked orders were caused by the failure to add a single line of computer code during an upgrade to automated trading software Goldman used to simplify its order flow, FINRA said.
The orders, which represented less than 1% of Goldman's total principle sell orders during the period, were auto-generated to hedge Goldman's Synthetic Product Group's synthetic risk exposure resulting from its execution of equity swap transactions with clients, FINRA said.
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