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Britain’s FCA fines Citigroup Global Markets £12.5-million for market abuse rule failings

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

Britain’s Financial Conduct Authority said on Friday it had fined Citigroup Global Markets £12.5-million for past failures to properly apply rules aimed at spotting suspicious trading in shares and commodities.

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. “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.

 

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