UK - UK Regulators Hit Citi With A Massive $79M Fine For Trading Control Failures | Benzinga
British regulators have imposed a hefty fine on Citigroup Inc (NYSE:C) for its trading control failures.
What Happened: The UK’s banking and financial regulators have penalized Citigroup with a fine of over $78.5 million for its trading system and control shortcomings, reported Reuters.
The Prudential Regulation Authority stated that the issues at Citigroup Global Markets Limited (CGML) resulted in trading incidents, including a $1.4 billion execution on European exchanges due to an experienced trader’s incorrect input of an order in May 2022. The PRA attributed these incidents to deficiencies in CGML’s trading controls, particularly the absence of certain preventative hard blocks and the inappropriate calibration of other controls.
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