December 26, 2013
The Financial Industry Regulatory Authority on Thursday said it fined Barclays Capital Inc. almost $4 million for what it called “systemic failures” in records retention.
FINRA, the largest independent regulator for securities firms doing business in the U.S., fined the London-based bank $3.75 million after an investigation found that the firm failed to preserve electronic records, emails and instant messages for the required minimum time of 10 years.
The group said that from 2002 to 2012, Barclays failed to save many of these electronic records — including order and trade ticket data, trade confirmations, account records and other items — in the proper format.
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