Citi fined $79 million by British regulators over fat-finger trading and control errors

[Nighthawk]

The regulators said that certain system and control issues persisted during the probe period and led to trading incidents, such as so-called fat-finger trading blunders. The main incident highlighted took place on May 2. 2022, when an experienced trader incorrectly inputted an order, which resulted in $1.4 billion “inadvertently being executed on European exchanges.”

“Deficiencies in CGML’s trading controls contributed to this incident, in particular the absence of certain preventative hard blocks and the inappropriate calibration of other controls,” the statement read.

In a statement to CNBC, a Citi spokesperson said that the bank was pleased to resolve the matter from more than two years ago, “which arose from an individual error that was identified and corrected within minutes.”

https://www.cnbc.com/2024/05/22/cit...r-fat-finger-trading-and-control-errors-.html

It wasn´t me!

 

[zdreg]

Is there a difference between a typo and a fat finger error?

 

[murray t turtle]

The regulators said that certain system and control issues persisted during the probe period and led to trading incidents, such as so-called fat-finger trading blunders. The main incident highlighted took place on May 2. 2022, when an experienced trader incorrectly inputted an order, which resulted in $1.4 billion “inadvertently being executed on European exchanges.”

“Deficiencies in CGML’s trading controls contributed to this incident, in particular the absence of certain preventative hard blocks and the inappropriate calibration of other controls,” the statement read.

In a statement to CNBC, a Citi spokesperson said that the bank was pleased to resolve the matter from more than two years ago, “which arose from an individual error that was identified and corrected within minutes.”

https://www.cnbc.com/2024/05/22/cit...r-fat-finger-trading-and-control-errors-.html

It wasn´t me!

%%
READ that, interesting read.
1 ]Warning\ Im also doing US$ + ,which may not be accurate @all\ since It was in UK markets ..... + FINED in pounds[ $78.5 million].
711] Bloomberg Headline noted an amazing '' 711 warnings '', apparently from[PRA] UK regulators.
Seems like a logical mistake, he was trading with trend \down. My guess.
Credit + Collection News; noted Citi spokes person Victoria, was pleased to settle the matter. Business Insider.com noted Citi trader meant $58 millon in a basket of stocks;
accidently entered 58 million in quantity field .
1.4] Citi controls partly worked they reduced LOL ;
reduced the accidental $444 biilon order to $1.4 billion