Loading...
Market
How will major banks react to Citigroup's fine by end of 2024?
5
Resolution / Starting Odds
Implement similar controls • 33%
No change in controls • 33%
Revise existing controls without major overhaul • 34%
Public statements from major banks or news reports
Story
UK Regulators Fine Citigroup £61.6 Million and £62 Million for Trading Failures
May 22, 2024, 07:14 AM
UK regulators have fined Citigroup £61.6 million ($79 million) for failures in its trading systems and controls. The fines, issued by the Prudential Regulation Authority (PRA) and other financial regulators, stem from a 2022 incident where a London-based trader's 'fat-finger' error caused a flash crash in European stocks. The erroneous trade involved mistakenly inputting a $1.4 billion order, leading to significant market disruptions. This incident highlights ongoing concerns about the robustness of trading controls at major financial institutions.
View original story
Similar markets
Increased scrutiny • 33%
No change in scrutiny • 34%
Decreased scrutiny • 33%
Major operational overhaul • 33%
Minor operational adjustments • 34%
No significant changes • 33%
Public support for FDIC leadership change • 25%
Public criticism of FDIC handling • 25%
Calls for external review of FDIC practices • 25%
No public response • 25%
No significant change • 25%
Decrease in major indices • 25%
Increase in major indices • 25%
Mixed reactions across indices • 25%
No further fines • 25%
Fines less than £50 million • 25%
Fines between £50 million and £100 million • 25%
Fines exceeding £100 million • 25%
Launch alternative products • 25%
Increase focus on other financial services • 25%
Lobby against the regulations • 25%
No significant change • 25%
Profit increase • 33%
Profit decrease • 33%
No significant change • 34%
Stricter regulations imposed • 33%
Looser regulations imposed • 33%
No significant change • 33%