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.
