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  4. UK's FCA fines Citigroup $15 million for market abuse rule failings
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UK's FCA fines Citigroup $15 million for market abuse rule failings

By Huw Jones LONDON (Reuters) -Britain's Financial Conduct Authority said on Friday it had fined Citigroup (NYSE:C) Global Markets 12.5 million pounds ($15 million) for past...
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UK's FCA fines Citigroup $15 million for market abuse rule failings © Reuters. FILE PHOTO: The Citigroup Inc (Citi) logo is seen at a conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris Helgren

By Huw Jones

LONDON (Reuters) -Britain's Financial Conduct Authority said on Friday it had fined Citigroup (NYSE:C) Global Markets 12.5 million pounds ($15 million) for past failures to properly apply rules aimed at spotting suspicious trading in shares and commodities.

Banks are required to implement rules introduced in 2016 and known as the market abuse regulation (MAR) to monitor for potential insider trading and market manipulation.

But until January 2018, the London-based international broker dealer arm of U.S. bank Citigroup failed to identify significant gaps in its arrangements, systems, and procedures for trade surveillance, the FCA said in a statement.

Citigroup Global Markets had agreed to resolve the case and qualified for a 30% discount, otherwise it would have been fined 18 million pounds, the FCA said.

Citi said it was pleased to put the matter behind it.

Analysis https://www.fca.org.uk/publication/final-notices/citigroup-global-markets-limited-2022.pdf found "many significant trade surveillance gaps" in areas like equities, interest rates and commodities trades, the FCA said, adding that keeping markets clean depends on partnership between banks and the regulator.

"By not fully implementing the new provisions when required, Citigroup Global Markets did not carry its full weight in this partnership, impacting market integrity and the overall detection of market abuse," Mark Steward, the FCA's executive director for enforcement, said in a statement.

During the period covered by the watchdog's enforcement action, the broker-dealer earned about 2.6 billion pounds in revenue from arranging or executing trades on markets.

($1 = 0.8410 pounds)

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01-05-2024 10:45:17 (UTC+7)

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EUR/USD

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USD/JPY

157.91

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↑ Buy

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AUD/USD

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Neutral

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USD/CAD

1.3780

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EUR/JPY

168.32

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EUR/CHF

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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