WhatsApp Logo Subscribe
For News Alert

News

UK fines US bank Citigroup over European 'flash crash'

By AFP

May 22, 2024 09:19 PM


Twitter Share Facebook Share WhatsApp Share

British financial regulators Wednesday fined US bank Citigroup for failures in its trading controls after a "flash crash" incident in 2022 that saw huge selling of shares in Europe.

The Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) imposed combined penalties of £61.6 million ($78.3 million) for failures by the bank's London division, Citigroup Global Markets Limited.

Citigroup has since taken actions to strengthen its controls, the regulators said in statements.

"Failures in the firm's systems and controls led to $1.4 billion of equities being sold in European markets when they should not have been," the FCA said of the "fat finger" trade.

PRA noted that "an experienced trader incorrectly inputted an order".


AFP


Most Read

  1. Hania Aamir and Zaviyar Nauman's Nikkah glam gives ‘heart attack’ to many Hania Aamir and Zaviyar Nauman's Nikkah glam gives ‘heart attack’ to many
  2. Actress Khushboo shot dead in Nowshera Actress Khushboo shot dead in Nowshera
  3. Guard shoots dead his employer in Lahore’s Ghalib Market Guard shoots dead his employer in Lahore’s Ghalib Market
  4. Sania Mirza seeks forgiveness ahead of Hajj pilgrimage Sania Mirza seeks forgiveness ahead of Hajj pilgrimage
  5. Wajdan’s high demands from Chahat Fateh Ali Khan shock everyone Wajdan’s high demands from Chahat Fateh Ali Khan shock everyone
  6. Pakistani stars voice frustration after losing to India in T20 World Cup Pakistani stars voice frustration after losing to India in T20 World Cup

Opinion

  1. Premier Shehbaz and Chinese model
    Premier Shehbaz and Chinese model

    By Naveed Aman Khan

  2. Modi's myth broken, yet in power
    Modi's myth broken, yet in power

    By Naveed Aman Khan

  3. Xi, Shehbaz and CPEC phase - 2
    Xi, Shehbaz and CPEC phase - 2

    By Naveed Aman Khan

  4. Pakistan's UNSC Triumph: A New Era
    Pakistan's UNSC Triumph: A New Era

    By Dr Asif Channer

  5. Shehbaz, Deng, Xi and transformation
    Shehbaz, Deng, Xi and transformation

    By Naveed Aman Khan

  6. Higher voter turnout rejection of Modi’s policies in Kashmir
    Higher voter turnout rejection of Modi’s policies in Kashmir

    By Dr Ghulam Nabi Fai