Developer on Alibaba Coud: Build your first app with APIs, SDKs, and tutorials on the Alibaba Cloud. Read more ＞
BEIJING, May 5 (Xinhua) The Executive and clearing department of Goldman Sachs Group agreed to pay 450,000 of dollars to the New York-pan-European Exchange Group (NYSE Euronext) and the Securities and Exchange Commission (SEC), according to foreign media reports yesterday. To settle allegations that the group had violated the regulations governing the short selling of U.S. shares due to bookkeeping errors. According to the SEC's allegations, Goldman Sachs violated the Commission's SHO regulation on short selling, regulation SHO, which had nothing to do with the Commission's alleged fraud on mortgages against Goldman Sachs on April 16, Rather, it involved a request made by the Commission in September 2008 to require financial institutions to reduce "naked short-selling" trading activities. According to media reports, the Securities and Exchange Commission said today that Goldman Sachs Execution & Clearing LP, a group of its subsidiaries, had initially responded to the provision, but that the group's procedures were inadequate and relied too much on individuals to perform manual tasks and calculations, Without adequate supervision or confirmation of its accuracy. Goldman Sachs did not make any qualitative response to the allegation. "This is the result of an error in the manual handling process after the SEC introduced Rule 204T in October 2008 and has not had any financial impact on our customers," Eder Canadi, a spokesman for the group, said in a statement. Now, we have adopted an improved automated program to avoid future errors. "Knowledge Link: what is" naked short selling "? The so-called "naked Short-selling" (naked short Selling) means that investors do not borrow shares and sell outright non-existent stocks in the market, and then buy back stocks to gain profits when share prices fall further. A trader who makes "naked short selling" will succeed if he buys shares before the delivery date. Because naked short selling is a non-existent stock, its trading volume can be very large, thus causing a sharp impact on share prices.
This article is an English version of an article which is originally in the Chinese language on aliyun.com and is provided for information purposes only. This website makes no representation or warranty of any kind, either expressed or implied, as to the accuracy, completeness ownership or
reliability of the article or any translations thereof. If you have any concerns or complaints relating to the article, please send an email, providing a detailed description of the concern or
complaint, to email@example.com. A staff member will contact you within 5 working days. Once verified, infringing content will be removed immediately.
The content source of this page is from Internet, which doesn't represent Alibaba Cloud's opinion;
products and services mentioned on that page don't have any relationship with Alibaba Cloud. If the
content of the page makes you feel confusing, please write us an email, we will handle the problem
within 5 days after receiving your email.
If you find any instances of plagiarism from the community, please send an email to:
and provide relevant evidence. A staff member will contact you within 5 working days.