News Formal

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

  • 📰 globeandmail
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 92%

United States News News

United States United States Latest News,United States United States Headlines

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.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 5. in US
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Global stocks lower after Fed says US inflation too highGlobal stock markets and Wall Street futures mostly declined Thursday after the Federal Reserve said U.S. inflation is too high despite aggressive rate hikes, suggesting support for more increases.
Source: CTVNews - 🏆 1. / 99 Read more »