Reported 5 months ago
A Citigroup trader in London received 711 warning messages before unintentionally creating a $444 billion basket of stocks, sparking a flash crash that wiped off €300 billion from European stocks on May 2, 2022. The trader mistakenly entered 58 million into the quantity field instead of the intended $58 million, resulting in the erroneous trade. Regulators penalized Citigroup with £61.6 million for the mistake, highlighting risk management lapses and the impact of the fat-finger glitch.
Source: YAHOO