C Oct 2024 40.000 call
- CNN Business
Fat-finger trade? Citigroup fined for nearly dumping $189 billion of stocks by accident
UK regulators slapped a combined £62 million ($79 million) fine on Citigroup Wednesday for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto European markets.
- Bloomberg
Citi Fined £62 Million After UK Trader Triggered Flash Crash
(Bloomberg) -- Citigroup Inc. was fined £61.6 million ($79 million) by UK regulators for failures after a London staffer’s fat-finger trade caused a flash crash in European stocks in 2022. Most Read from BloombergOne Dead After Singapore Air Flight Hit By Severe TurbulenceThese Flight Routes Suffer the World’s Worst Turbulence‘It Felt Like We Had Crashed’: Singapore Air Passenger Describes Turbulence TerrorBarclays Managers Warn Some Staff to Prepare for Five Days a Week in OfficeThe Wall Street
- Reuters
Citi fined $79 million by UK regulators over 'fat-finger' failures
LONDON (Reuters) -UK regulators fined Citigroup 61.6 million pounds ($78.5 million) for controls failings in its trading operations, one of the biggest sanctions for systems breaches, which in one case saw the Wall Street firm cause a sudden fall in European stocks. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA), the markets watchdog, both probed and fined Citigroup over the failings that spanned from April 2018 through May 2022, they said in a statement on Wednesday outlining the findings of the investigation. The bank's London unit, Citigroup Global Markets Limited (CGML), had a series of failings that "crystallised into trading incidents", the most striking of which was a mistaken $444 billion order in May 2022.
