FINRA Fines Barclays Capital Inc. $1.3 Million


Financial Industry Regulatory Authority (FINRA) has fined Barclays Capital Inc. $1.3 million for systemic Order Audit Trail System (OATS) reporting violations and related supervisory failures.

According to FINRA, “Barclays Capital transmitted more than 3 billion inaccurate or incomplete ROEs to OATS, including omitted special handling codes; inaccurate timestamps, execution quantities and member type codes; and duplicate or erroneous reports. In addition, Barclays Capital failed to transmit millions of ROEs to OATS”.

The regulator also reportedly felt that Barclays Capital’s supervisory system could not reasonably achieve compliance with its OATS reporting obligations.

“When firms fail to transmit OATS data or transmit inaccurate or incomplete data to OATS, market integrity is compromised because potential violative conduct, including manipulative activity and customer harm, may be obscured,” said Thomas Gira, Executive Vice President and Head of Market Regulation at FINRA. “OATS data is essential to FINRA’s automated equities surveillance program and is therefore critical to investor protection.”

Barclays Capital agreed to the fine but has neither admitted nor denied the charges.

MyComplianceOffice SAS solution can assist broker-dealers and RIA’s in maintaining regulatory compliance in a variety of areas, helping you to protect and promote your repuation and your business.

Click here to download our MCO brochure.