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Stock impact report

Hong Kong market watchdog fines Citi $45 million for equities misconduct [Reuters]

Citigroup, Inc. (C) 
Last citigroup, inc. earnings: 4/15 08:00 am Check Earnings Report
US:NYSE Investor Relations: citigroup.com/citi/investor/pres.htm
Company Research Source: Reuters
its cash equities business and is launching disciplinary proceedings against some former senior managers at the bank. The Securities and Futures Commission (SFC) said on Friday that some of Citigroup Global Markets Asia Limited's (CGMAL) trading desks had issued inaccurate "indications of interest" in stocks to generate client inquiries and had also made misrepresentations to customers when executing some trades. The SFC said senior CGMAL managers had attended a roundtable with the watchdog in 2014 during which it drew attention to common deficiencies found in the market, and that it had also issued a circular in 2018 providing further guidance. Despite both these efforts, CGMAL had still failed to identify the misconduct or rectify its failures, the SFC said. It said it would, in due course, start disciplinary proceedings against the former members of the bank's senior management it considered responsible for CGMAL's misconduct. It did not say how many people were involved no Show less Read more
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