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Goldman Sachs faces probe over fees charged for futures trading- Bloomberg News

Published 02/08/2024, 01:32 PM
Updated 02/08/2024, 02:01 PM
© Reuters. The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew Kelly/File Photo

(Reuters) -Wall Street investment bank Goldman Sachs is facing an investigation over fees it charges for futures trading, Bloomberg News reported on Thursday, citing people familiar with the matter.

Top US financial regulator Commodity Futures Trading Commission (CFTC) has privately authorized sending subpoenas to Goldman for information about fees charged for some futures block trades, the report said, adding the probe stems from a whistle-blower tip.

Goldman Sachs declined to comment on the report, while CFTC did not immediately respond to a Reuters request for comment.

Last year, Goldman Sachs paid more than $50 million in penalties to CFTC to settle at least three cases.

In April, it agreed to pay $15 million to settle charges that it had failed to make proper disclosures and communicate fairly to swap customers.

Then, it paid a $5.5 million in civil penalty to settle allegations that it had failed to keep records of staff cell phone calls, and for breaching a prior order in August.

It also paid $30 million for failing to diligently supervise a wide range of its swap dealer activities, and "for unprecedented failures regarding swap data reporting".

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