London CNN —UK regulators slapped a combined £62 million ($79 million) fine on Citigroup Wednesday for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto European markets.
Without that discount, the combined fine would have topped £88 million ($112 million).
The Bank of England highlighted an incident in May 2022 when one of the bank’s “experienced” traders sold $1.4 billion worth of stocks on European exchanges in error.
Citigroup’s systems blocked $255 billion of that, meaning that $189 billion was sent to its trading platform for sale “over the rest of the day.” In total, $1.4 billion worth of stocks was sold before the trader canceled the transaction.
Following the incident, Citigroup has taken steps to “improve and strengthen” the security of its trading systems, the central bank said.
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London CNN —, Citigroup, Financial Conduct Authority, Bank of England’s Prudential, Authority, Bank of England, FCA, “
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