Citigroup Fined Over ‘Fat Finger’ Error Leading to Flash Crash in European Stocks
Wednesday, 22 May 2024, 11:34
Citigroup Fined Over ‘Fat Finger’ Error Leading to Flash Crash in European Stocks
UK regulators have fined Citigroup £61.6m for a 2022 trader blunder that caused a flash crash in European stocks. The internal systems failure allowed a fat-fingered trader to mistakenly place over £1.1bn in orders.
Key Points:
- Citigroup fined £61.6m for internal systems failure
- Trader's inputting error led to mistaken orders worth £1.1bn
- Flash crash in European stocks prompted regulatory action
The incident underscores the importance of robust risk management processes in financial institutions, emphasizing the need for stringent controls over trading activities to maintain market integrity.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.