Barclays fined $800,000 over US data violations

Wall Street’s self-funded watchdog has fined a unit of Barclays $800,000 (€735,000) for violations related to how the bank reported stock trades over a period of more than two years.

The violations hampered the regulator’s ability to monitor the market properly.

The Financial Industry Regulatory Authority said Barclays Capital did not properly update its electronic systems to comply with regulations from August 2009 that required that executing brokers report trades, as well as the name of the executing parties of the trades, to FINRA.

Consequently, between August 3, 2009, and December 11, 2012, Barclays failed to identify the correct executing party on around 90m reports with other broker dealers that were sent to FINRA’s trade reporting facility.

“Reporting inaccurate data to FINRA impacts the integrity of FINRA’s audit trail and the ability of regulators to conduct appropriate surveillance of member firm’s trading activity,” the Financial Industry Regulatory Authority

Barclays consented to the fine without admitting or denying the allegations, and declined comment. The bank was fined $10,000 by FINRA in December 2010 for equity trade reporting violations stemming from November 2008.