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.