Tom Ogg advised PRA on Algorithmic Trading Enforcement Action

Tom Ogg

Tom Ogg advised the Prudential Regulation Authority on its enforcement action against Citigroup Global Markets Limited, the Final Notice for which was published today. The PRA fined Citigroup £33.88m (post settlement discount), in its first enforcement action under the Algorithmic Trading Rules.  

The enforcement action concerned, amongst other things, a trading incident on 2 May 2022, when an erroneously inputted order of US$444bn, was processed by Citi’s trading systems, resulting in a total notional of US$1.4bn sells being executed on European exchanges.