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.
英國監管機構因其交易控制失誤對花旗集團（紐約證券交易所代碼：C）處以巨額罰款。
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.
發生了什麼：路透社報道，英國銀行和金融監管機構因其交易系統和控制缺陷對花旗集團處以超過7,850萬美元的罰款。
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.
審慎監管局表示，花旗集團環球市場有限公司（CGML）的問題導致了交易事件，包括由於一位經驗豐富的交易員在2022年5月錯誤輸入訂單而在歐洲交易所執行的14億美元。PRA將這些事件歸因於CGML交易控制的缺陷，尤其是缺乏某些預防性硬區塊以及對其他控制措施的校準不當。
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日期間的控制失誤對花旗集團處以3388萬英鎊的罰款。花旗集團同意解決該問題後，罰款減少了30％。經過類似的調查，金融監管局還對花旗集團處以2776萬英鎊的罰款。
"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首席執行官兼英格蘭銀行審慎監管副行長山姆·伍茲說：“參與交易的公司必須採取有效的控制措施來管理所涉及的風險。”“CGML未能達到我們在該領域的預期標準，導致了今天的罰款。”
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.
花旗銀行發言人維多利亞·杜爾曼說，該銀行 “很高興解決了兩年多前的這個問題，這個問題是由一個在幾分鐘之內發現和糾正的個人錯誤造成的。”
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.
爲何重要：這是自2008-2009年全球金融危機以來英國對控制違規行爲處以的最大罰款之一。罰款反映了英國對金融監管的嚴格立場以及違規行爲的後果。
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.
監管機構對金融機構的交易控制越來越嚴格，最近的案例就是明證，例如摩根大通因缺乏貿易監督而被處以3.5億美元的罰款，以及摩根士丹利因一些頂級客戶泄露交易信息而被處以2.49億美元的罰款。
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