Home Trade News Regulators fine Goldman Sachs $110 million for 'unsafe and unsound' forex trading practices

Regulators fine Goldman Sachs $110 million for 'unsafe and unsound' forex trading practices

1 min read
0
31

Federal and state regulators on Tuesday fined Goldman Sachs Group

GS, -1.54%

$110 million for the firm’s “unsafe and unsound practices” in its foreign exchange trading business. The Federal Reserve and the New York State Department of Financial Services said an investigation found Goldman had failed to properly supervise its traders’ behavior in electronic chatrooms from 2008 until early 2013. During that time, Goldman didn’t detect when traders communicated with competitors about trading positions or when they disclosed confidential client information. Financial Services Superintendent Maria Vullo said in a statement that Goldman foreign exchange traders sometimes used code names “to discreetly share confidential customer information [and] discussed potentially coordinating trading activity and other efforts that could improperly affect currency prices or disadvantage customers.” The firm agreed to implement effective controls.

Let’s block ads! (Why?)


Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Tiffany & Co. dusts off the little blue box to go modern and drive sales

Tiffany & Co.’s little blue box is fashionable again thanks to innovative design…