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The erroneous trade prompted 711 pop-up warning messages in a single alert before it sparked a European selloff. Trader’s ‘fat finger’ costs Citi $79 million after U.K. fines bank over ...
The Bank of England highlighted an incident in May 2022 when one of Citigroup’s “experienced” traders sold $1.4 billion worth of stocks on European exchanges in error, triggering what ...
Three years ago, as the long-struggling Citigroup was in a tailspin over a billion-dollar fat-finger error, the bank announced its next CEO, Jane Fraser. At the time, given Citi’s chronic ...
In order to have legal certainty and in order to avoid the situation that courts have to decide ex-post if a trade should be binding or not, erroneous trade rules of exchanges usually exclude civil-law rescission rights.
This type of event occurred on May 6, 2010 in the United States. A $4.1 billion trade on the New York Stock Exchange (NYSE) resulted in a loss to the Dow Jones Industrial Average of over 1,000 points and then a rise to approximately previous value, all over about fifteen minutes.
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