2023-09-22 14:17:38 ET
The U.S. Securities & Exchange Commission just ordered Citadel Securities and Goldman Sachs Group Inc (NYSE: GS) to pay $7.0 million and $6.0 million in fines, respectively.
Here’s why the SEC fined Citadel
Citadel incorrectly marked millions of long and short sale orders over a period of five years. It provided inaccurate data that is routinely used to monitor abusive short selling activity, as per the regulator.
The coding error in the firm’s automated trading system that caused the inaccuracy was identified and fixed in late 2020 – and did not “impact the quality of our client execution”, said a spokesperson for the market maker on Friday.
The stock market news arrives shortly after Citadel Securities was reported to have seen a 35% year-on-year decline in its net trading revenue in the first six months of 2023.
Here’s why the SEC fined Goldman Sachs
Also today, Goldman Sachs was slapped as well with a fine for providing inaccurate and incomplete trading information to the Securities & Exchange Commission.
The financial services behemoth made deficient blue sheet submissions to the count of more than 22,000 over a period of about ten years. In total, these affected 163 million transactions at least, as per the regulator.
Goldman Sachs accepted the charges, agreed to the penalty and said it was “pleased to have resolved this matter” on Friday.
Last month, the investment bank decided in favour of unloading its PFM or Personal Financial Management unit as Invezz reported here .
The post U.S. SEC just fined Citadel and Goldman Sachs: find out more appeared first on Invezz .