FINRA fines Barclays $350K for market access controls failures

Barclays has agreed to pay a monetary penalty of fine of $350,000, imposed by the Financial Industry Regulatory Authority (FINRA), a self-regulatory body in the US.

The regulator alleges that the investment bank failed to apply market access controls and procedures to orders that one of its risk management systems routed during the period between February 2014 and March 2019.


As result, Barclays the routed 19,500 orders for 2,500,000 contracts to the market unchecked. Of those 9,500 orders for 1,125,000 contracts were executed. Additionally, the firm did not prevent the entry of erroneous orders of a total of $11.8 million, rather than the intended $118,000.

The company has accepted FINRA’s monetary penalty but has not accepted or denied the allegations.

FINRA recently imposed a $9 million fine on Credit Suisse Securities for operational failures.

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