BRUSSELS/FRANKFURT/PARIS (dpa-AFX) - The Financial Conduct Authority or FCA
Wednesday has fined Citigroup Global Markets Ltd. or CGML GBP 27.77 million for
failures in systems and controls. FCA said CGML has sold $1.4 billion of
equities in European markets when they should not have the permission to do
that.

The Prudential Regulation Authority or PRA also imposed a financial penalty of
GBP 33.89 million on CGML following its own investigation.

CGML did not dispute the FCA's findings and agreed to settle, which means it has
qualified for a 30 percent discount on the proposed fine of GBP 39.67 million.

According to FCA, a CGML trader had intended to sell a basket of equities to the
value of $58 million on May 2, 2022. The trader made an inputting error while
entering the basket in an order management system. This resulted in a basket to
the value of $444 billion being created.

CGML controls blocked $255 billion of the basket progressing, but not the
remaining $189 billion which was sent to a trading algorithm.

FCA noted that the firm's real-time monitoring was ineffective.



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