时事新闻:高盛交易业务秘密会议受调查

【英文原文】

Goldman Subpoenaed On Huddles

William Galvin, Massachusetts's chief financial regulator, has subpoenaed Wall Street firm Goldman Sachs Group Inc., demanding information on the firm's weekly trading huddles between its research analysts and traders.

Mr. Galvin, the Massachusetts secretary of the commonwealth, said he is concerned that the huddles, in which Goldman's research staff give verbal short-term stock tips to the firm's traders and then its clients, disadvantage some Goldman customers.

'We have concerns about the research analysts and the efforts under way to use them to secure additional business,' Mr. Galvin said on Wednesday.

The huddles, which were the subject of a page-one article on Monday in The Wall Street Journal, also are being examined by both the Financial Industry Regulatory Authority -- the industry self-regulatory body known as Finra -- and the Securities and Exchange Commission, according to people familiar with the matter.

Internal documents reviewed by the Journal show that at times, these short-term trading tips differed from Goldman's long-term research. Critics complain that Goldman's distribution of the trading ideas to its traders and major clients hurts other Goldman customers who aren't given the opportunity to trade on the information and may be relying on the firm's longer-term research to make investment decisions.

The huddles, and what is discussed during or after them, currently aren't disclosed in Goldman's long-term research. On Monday, the firm internally discussed adding information about the service on its client Web site.

Some firms also give stock ideas to clients but disclose the service in their longer-term research and on their Web sites.

Mr. Galvin's subpoena, also reviewed by the Journal, asks for a host of internal Goldman documents related to the huddles.

A Goldman spokesman declined to comment. In the Monday Journal article, a Goldman spokesman said ideas that arise from the huddles are simply 'market color' and 'always consistent with the fundamental analysis' in published research reports.

In 2003, Mr. Galvin was one of several regulators involved in negotiating a $1.4 billion settlement with 10 big Wall Street firms, including Goldman. The firms were accused of issuing overly optimistic research in a bid to win more lucrative investment-banking business.

Mr. Galvin on Wednesday said he is concerned that now the trading arms on Wall Street are putting undue influence on research analysts to win business. 'Even the term 'huddles' sounds suspicious,' he said. He said his investigation may expand to look at practices at other firms.

【中文译文】

高盛交易业务秘密会议受调查

马萨诸塞州金融监管负责人盖文(William Galvin)向华尔街公司高盛集团(Goldman Sachs Group Inc.)发出了传票，要其提供公司研究分析师与交易员每周就交易业务所举行秘密会议的信息。

马萨诸塞州州务卿盖文说，他担心这些秘密会议使高盛的一些客户吃了亏。在这类秘密会议上，高盛研究人员向交易员口头提供短期荐股信息，之后再提供给重要客户。

盖文周三说，我们对研究分析师和时下那种利用他们以获得更多业务的做法表示担忧。

《华尔街日报》周一在头版报导了高盛的交易业务秘密会议。知情人士说，金融业自律机构金融业监管局(Finra)和美国证券交易委员会(SEC)也都在对此事进行调查。

《华尔街日报》看过的内部文件显示，这些短期荐股信息有时与高盛长期研究报告有出入。批评人士抱怨说，高盛向交易员和主要客户提供交易信息的做法伤害了其他高盛客户，这些客户没有获得利用这类信息进行交易的机会，他们可能依靠高盛的长期研究报告来做投资决策。

交易业务秘密会议以及会中、会后的讨论内容目前没有披露在高盛的长期研究报告中。周一，高盛内部讨论了在公司客户网站上增添有关这类服务的信息之事。

一些公司也向客户提供荐股信息，不过会在长期研究报告和公司网站上披露这类服务。

《华尔街日报》也看了盖文发的传票。传票要求高盛提供一系列与交易业务秘密会议有关的文件。

高盛发言人拒绝置评。《华尔街日报》周一的报导说，高盛发言人表示，交易业务秘密会议上产生的建议只具有“市场色彩“，与公开发表的研究报告中的“基本面分析始终是一致的”。

2003年，盖文曾参与达成了与包括高盛在内10家大型华尔街公司的一桩14亿美元和解协议。这些公司被指控公布过于乐观的研究报告，以赢得更多有利可图的投行业务。

盖文周三说，他担心现在华尔街的交易部门向研究分析师施加了过度的影响来赢得业务。他说，甚至连“秘密会议”这个词听起来都可疑。他说，调查可能会扩大到其他公司。