Citigroup (C) Faces Penalty of $78.4M for 2022 Flash Crash [Yahoo! Finance]
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Citigroup, Inc. (C)
Last citigroup, inc. earnings: 4/15 08:00 am
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Source: Yahoo! Finance
These flaws led a trader to make an inputting error that caused a flash crash in May 2022. The penalty amount consisted of £27.8 million from the Financial Conduct Authority (FCA) and £33.9 million from the Bank of England's (BoE) Prudential Regulation Authority (PRA). According to the FCA, a trader from Citigroup meant to sell a basket of equities worth $58 million but accidentally made a basket valued at $444 billion, which passed through the trading algorithm. The bank's flawed control systems failed to ‘hard block' the transaction, which had prevented the error from transpiring. Also, the company's system allowed the trader to ignore a pop-up alert by manually overriding it. Although C's controls blocked $255 billion of the transaction, the remaining $189 billion worth of shares got through the trading algorithm. The algorithm cut the order into smaller portions to be sold throughout the day. Approximately $1.4 billion in equities had already been sold across various Europea
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