The Financial Industry Regulatory Authority on
Thursday said that from 2002 to April 2012, Barclays failed to
preserve order data, trade confirmations, account records and
other information in a format that prevented their alteration or
erasure, known as "Write-Once, Read-Many" or "WORM."
It also said Barclays failed to properly retain attachments to
some Bloomberg emails from May 2007 to May 2010, and failed to
properly retain about 3.3 million Bloomberg instant messages
from October 2008 to May 2010.
FINRA said that once Barclays' system encountered an attachment
to an instant message that it had processed earlier on a given
day, it would stop accepting instant messages for that day.
"Ensuring the integrity, accuracy and accessibility of
electronic books and records is essential to a firm's ability to
meet its compliance obligations," FINRA enforcement chief Brad
Bennett said in a statement.
Barclays did not admit or deny wrongdoing but agreed to a
censure and the entry of FINRA's findings. A spokeswoman for the
British bank declined to comment.
FINRA is an independent regulator that oversees more than 4,100
(Editing by Jonathan Oatis)
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