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Goldman Sachs to Pay $109.5 Million for Sharing Clients FX Order Details

Goldman Sachs to Pay $109.5 Million for Sharing Clients FX Order Details

Goldman Sachs has agreed to pay $109.5 million to US Federal and New York state authorities for sharing foreign exchange order information of clients with other banks using electronic chat rooms.  Currency traders in the investment bank had shared order information of clients with other banks using electronic chat rooms to gain advantage in currency trades and in pricing the foreign exchange rates.

“Goldman Sachs to Pay  $109.5 Million for Sharing Clients FX Order Details”

In the settlement, Goldman Sachs will pay $54.75 million to the New York State Department of Financial Services  and $54.75 million to the Federal Reserve.  The US investment bank will also implement compliance and internal controls to prevent future occurrences.

Source: Reuters, The New York Times

 

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