Finance
Citi Fined £62 Million After UK Trader Triggered Flash Crash
- UK’s FCA found Citigroup’s trade monitoring was ineffective
- Fat-finger blunder caused the crash in European stocks in 2022
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Citigroup Inc. was fined £61.6 million ($79 million) by UK regulators for failures after a London staffer’s fat-finger trade caused a flash crash in European stocks in 2022.
The Wall Street giant’s systems were poorly designed and its real-time monitoring was “ineffective,” allowing the errant trade to go through, the Financial Conduct Authority said in a statement. Citigroup did not dispute the regulator’s findings and agreed to settle the claims.