UK Regulators Hit Citi With A Massive $79M Fine For Trading Control Failures
UK Regulators Hit Citi With A Massive $79M Fine For Trading Control Failures
British regulators have imposed a hefty fine on Citigroup Inc (NYSE:C) for its trading control failures.
英国监管机构因其交易控制失误对花旗集团（纽约证券交易所代码：C）处以巨额罚款。
What Happened: The UK's banking and financial regulators have penalized Citigroup with a fine of over $78.5 million for its trading system and control shortcomings, reported Reuters.
发生了什么：路透社报道，英国银行和金融监管机构因其交易系统和控制缺陷对花旗集团处以超过7,850万美元的罚款。
The Prudential Regulation Authority stated that the issues at Citigroup Global Markets Limited (CGML) resulted in trading incidents, including a $1.4 billion execution on European exchanges due to an experienced trader's incorrect input of an order in May 2022. The PRA attributed these incidents to deficiencies in CGML's trading controls, particularly the absence of certain preventative hard blocks and the inappropriate calibration of other controls.
审慎监管局表示，花旗集团环球市场有限公司（CGML）的问题导致了交易事件，包括由于一位经验丰富的交易员在2022年5月错误输入订单而在欧洲交易所执行的14亿美元。PRA将这些事件归因于CGML交易控制的缺陷，尤其是缺乏某些预防性硬区块以及对其他控制措施的校准不当。
The PRA fined Citigroup 33.88 million pounds for control failings between Apr. 1, 2018, and May. 31, 2022. The fine was reduced by 30% after Citigroup agreed to address the issue. The Financial Regulation Authority also fined Citigroup 27.76 million pounds after a similar investigation.
PRA因2018年4月1日至2022年5月31日期间的控制失误对花旗集团处以3388万英镑的罚款。花旗集团同意解决该问题后，罚款减少了30％。经过类似的调查，金融监管局还对花旗集团处以2776万英镑的罚款。
"Firms involved in trading must have effective controls in place in order to manage the risks involved," said Sam Woods, CEO of the PRA and the Bank of England's deputy governor for prudential regulation. "CGML failed to meet the standards we expect in this area, resulting in today's fine."
PRA首席执行官兼英格兰银行审慎监管副行长山姆·伍兹说：“参与交易的公司必须采取有效的控制措施来管理所涉及的风险。”“CGML未能达到我们在该领域的预期标准，导致了今天的罚款。”
The bank was "pleased to resolve this matter from more than two years ago, which arose from an individual error that was identified and corrected within minutes," Citi spokesperson Victoria Durman said.
花旗银行发言人维多利亚·杜尔曼说，该银行 “很高兴解决了两年多前的这个问题，这个问题是由一个在几分钟之内发现和纠正的个人错误造成的。”
Why It Matters: This is one of the largest fines for control breaches in the UK since the global financial crisis in 2008-2009. The fine reflects the UK's stringent stance on financial regulations and the consequences for non-compliance.
为何重要：这是自2008-2009年全球金融危机以来英国对控制违规行为处以的最大罚款之一。罚款反映了英国对金融监管的严格立场以及违规行为的后果。
The regulators have been increasingly stringent on financial institutions' trading controls, as seen in recent cases such as JP Morgan Chase's $350 million fine for deficient trade surveillance and Morgan Stanley's $249 million penalty for leaking information on trades by some of its top clients.
监管机构对金融机构的交易控制越来越严格，最近的案例就是明证，例如摩根大通因缺乏贸易监督而被处以3.5亿美元的罚款，以及摩根士丹利因一些顶级客户泄露交易信息而被处以2.49亿美元的罚款。
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