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Goldman Sachs to pay $110 million to two U.S. regulators to settle forex claims

Team SoOLEGAL 2 May 2018 3:55pm

Goldman Sachs to pay $110 million to two U.S. regulators to settle forex claims

Washington: Goldman Sachs Group Inc (GS.N) has agreed to pay $ 55 m each to Federal Reserve and New York Department of Financial Services (NYDFS) to settle charges by these two U.S. regulators that its foreign exchange traders shared information about its investment positions. Further Goldman Sachs also agreed to hand over monitoring of future trades to third party and meet new compliance standard.

The case involved investments made in 2008 and reviewed traders’ use of chatrooms as they took positions in the currency market through 2013.

According to Fed, "The firm failed to detect and address its traders’ use of electronic chatrooms to communicate with competitors about trading positions".

Goldman Sachs said it is happy that matter has been resolved to the Fed’s and the NYDFS satisfaction. Goldman Sachs said it respects the regulators reviews and appreciates that regulators have taken note of the changes they have made to strengthen the regulatory framework so that such leakage of information does not happen in future.



Tagged: Goldman Sachs   Fed   NYDFS  
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