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It’s officially one of the costliest typos ever: U.K. financial regulators just fined Citigroup Global Markets Ltd. (CGML) $79 million for a “fat-finger” trade one of its employees placed by ...
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.
A pair of government regulators slapped Citigroup with a $135.6 million fine on Wednesday, saying the bank has made insufficient progress in resolving longstanding internal control and risk issues.
"Fat finger" typing (especially in the financial sector) is a slang term referring to an unwanted secondary action when typing. When a finger is bigger than the touch zone, with touchscreens or keyboards , there can be inaccuracy and one may hit two keys in a single keystroke.
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