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.
UK regulators slapped a combined £62 million fine on Citigroup Wednesday for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto European markets. The Financial Conduct Authority imposed a fine of nearly £28 million on Citigroup , while the Bank of England’s Prudential Regulation Authority fined it almost £34 million following investigations into the US bank, according to statements from the authorities.
In its statement, the FCA said the unnamed trader had intended to sell stocks worth only $58 million, but made an “inputting error,” which resulted in an order to sell $444 billion. 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.
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