Citi fined $78M by British regulators for high-frequency trading, risk control rule breaches [Yahoo! Finance]
Citigroup, Inc. (C)
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Source: Yahoo! Finance
and controls including a notorious "fat-finger" blunder in which a trader accidentally executed a $1.4 billion short that momentarily sent European stock markets into free-fall. The Prudential Regulation Authority fined Citigroup Global Markets $43.1 million for weaknesses in its trading systems and controls between April 2018 and May 2022 which it failed to adequately remedy despite repeated nudges from the regulator, the Bank of England said in a news release The investment banking and trading division of the firm received a 30% discount from what would have been a $61.6 million fine for cooperating and agreeing to resolve the matter. However, Citi received a further $35.3 million fine from the Financial Conduct Authority following a parallel investigation into "related matters." "Firms involved in trading must have effective controls in place in order to manage the risks involved. CGML failed to meet the standards we expect in this area, resulting in today's fine," said PRA
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C
Earnings
- 4/12/24 - Beat
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Sec Filings
- 6/14/24 - Form 424B2
- 6/14/24 - Form 424B2
- 6/14/24 - Form 424B2
- C's page on the SEC website