Goldman Sachs to Pay $3 Million to Settle CFTC Charges
September 29 2023 - 08:02PM
Dow Jones News
By Ben Glickman
Goldman Sachs will pay $3 million to settle charges from the
U.S. Commodity Futures Trading Commission that it failed to
properly ensure its customers' trading was not disruptive.
The CFTC said Friday that it simultaneously filed and settled
the charges, which alleged that the bank did not maintain adequate
supervisory systems and controls and omitted information in
communications with the agency.
It also said the bank violated the Commodity Exchange Act and
CFTC regulations.
The order requires Goldman to pay the civil penalty and to cease
and desist from further violations.
CFTC's order alleged that Goldman's Volatility Awareness
Control, meant to suspend disruptive trading, malfunctioned, and
the bank's post-trade monitoring was improper.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
September 29, 2023 19:47 ET (23:47 GMT)
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