UK Regulator Fines Citi $79-M For Having Faulty Trading System

UK regulators have slapped a combined £62 million ($79 million) fine on Citigroup for failures in its trading systems that almost resulted in stocks worth $189 billion being dumped onto European markets, Anna Cooban reported for CNN.

The regulators reduced their fines by 30% because Citigroup agreed to settle the matter. Without that discount, the combined fine would have topped £88 million ($112 million). I Photo: Daniel Foster Flickr

The Financial Conduct Authority (FCA) imposed a fine of nearly £28 million ($36 million) on Citigroup, while the Bank of England’s Prudential Regulation Authority (PRA) fined it almost £34 million ($43 million) following investigations into the US bank, according to statements from the authorities.

The regulators reduced their fines by 30% because Citigroup agreed to settle the matter. Without that discount, the combined fine would have topped £88 million ($112 million).

“We are pleased to resolve this matter from more than two years ago, which arose from an individual error that was identified and corrected within minutes,” a Citigroup spokesperson told CNN. “We immediately took steps to strengthen our systems and controls, and remain committed to ensuring full regulatory compliance.”