BaFin Imposes Administrative Fine On Citigroup Global Markets Europe - Quick Facts

(RTTNews) - Citigroup Global Markets Europe AG stated that, on 24 May 2024, the Federal Financial Supervisory Authority or BaFin imposed an administrative fine of 12.975 million euros on the company as it had contravened obligations under the German Securities Trading Act. The order is final and binding.

The company said, in May 2022, it did not had appropriate systems and risk controls in place to ensure that its trading systems are subject to appropriate trading thresholds and limits. Citigroup Global Markets Europe AG outsourced its monitoring and management system for algorithmic trading to Citigroup Global Markets Limited in London. The system failed to detect a manual input error made by one of the company's traders resulting in erroneous orders, and market disruption.