Goldman fined for dark pool pricing

Goldman Sachs Blink

Goldman Sachs was fined $800,000 by the Financial Industry Regulatory Authority for failing to have procedures in place to ensure clients in its dark pool got the best price while trading stocks.

Bloomberg News reports that more than 395,000 transactions were executed in the New York-based bank’s Sigma X pool at an inferior price to the national best bid and offer from July 29 to August 9, 2011, Finra said today in a statement. Stock venues in the U.S. are obliged to price trades at the NBBO or better.

Goldman Sachs discovered the pricing errors and sent checks to customers to compensate for the mistakes, people with direct knowledge of the matter said in March.

To access the complete Bloomberg News article hit the link below:

Goldman Fined $800,000 by Finra Over Dark-Pool Pricing

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