Citi fined $79 million by British regulators over fat-finger trading and control errors
Did Citi's $79M Fine Fix Trading Blunders?
British regulators fined Citigroup $79 million for failings in its trading systems and controls from April 2018 to May 2022. The fines, issued by the Prudential Regulation Authority and the Financial Conduct Authority, were reduced by 30% after Citi agreed to resolve the matter. The investigation highlighted incidents of fat-finger trading errors, including a significant $1.4 billion mistake due to control deficiencies. Citi has since enhanced its systems to prevent such errors and ensure regulatory compliance.
How much was the total fine imposed on Citi by the Prudential Regulation Authority and the Financial Conduct Authority?
The total fine imposed on Citi by the Prudential Regulation Authority and the Financial Conduct Authority was £61.6 million ($79 million).
Over what period did the investigation into Citi's trading practices take place?
The investigation into Citi's trading practices took place between April 1, 2018, and May 31, 2022. This was conducted by the Prudential Regulation Authority and the Financial Conduct Authority.