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☆ Citi fined $78 million after a European trader's fat-finger trade caused a flash crash in stocks
  + stars: | 2024-05-22 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +2 min
A trading mistake at Citigroup in 2022 has led to a $78 million fine against the bank. The "fat-finger" trade caused a brief flash crash in European stocks in May 2022. The brief flash crash caused by the mistaken trade briefly wiped out $322 billion in market value. A trader in Citigroup's London unit entered one too many zeros in a trade in May 2022, sparking a short-lived flash crash in European stocks. AdvertisementThe $78 million fine from UK regulators is in addition to about $50 million Citigroup lost on the trade, bringing the total cost of the fat-finger trade to about $130 million.
Persons: — Organizations: Citigroup, Service, Bloomberg, Bank of England's Prudential Regulatory Authority Locations: Citigroup's London, Stockholm
☆ Exclusive: Revolut audit queries, skittish regulators complicate its UK licence bid -sources
  + stars: | 2023-04-06 | by ( Stefania Spezzati Amy-Jo Crowley | Stefania Spezzati | Amy-Jo Crowley | ) www.reuters.com   time to read: +5 min
Media coverage of BDO's warning on March 1 prompted immediate questions from financial regulators, a March 6 letter to Reuters from Revolut shows. The letter did not address the banking licence application nor its status. "I would be astonished if the regulators go ahead with the banking licence," he added. Revolut applied for a banking licence about two years ago. With a banking licence, Revolut would become a more established player in the U.K. banking market and be able to draw more customers.
☆ Revolut close to finalising 2021 accounts as fintech seeks U.K. licence - sources
  + stars: | 2023-01-13 | by ( Stefania Spezzati | ) www.reuters.com   time to read: +3 min
LONDON, Jan 13 (Reuters) - Fintech firm Revolut Ltd. is close to finalising its long-overdue 2021 financial accounts, a move that could pave the way for the start-up to obtain a UK banking licence, two people with knowledge of the matter told Reuters. Revolut is set to publish financial accounts for the year ended December 2021 - which were due last summer - at the end of January after auditing firm BDO LLP’s final sign-off, the people said. The Revolut filing will likely show a rise in 2021 revenue from clients’ subscriptions and exchange rate fees, the person said. The accounts may help the entrepreneur to convince UK regulators that Revolut is ready for a banking licence after a two-year wait. Britain is a key market for Revolut, which aims to become a global financial firm.
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