Reported 6 months ago
Citigroup Inc. has been fined £61.6 million ($79 million) by UK regulators for operational failures following a London trader's erroneous trade that triggered a flash crash in European stocks in 2022. The Financial Conduct Authority found that Citigroup's systems were inadequately designed and its real-time monitoring was ineffective, allowing the erroneous trade to proceed. The trader's mistake led to a $444 billion basket of equities being created instead of the intended $58 million one, resulting in $1.4 billion in equities being sold across European exchanges. Citigroup agreed to settle the claims, acknowledging the deficiencies in its controls.
Source: YAHOO