Citigroup Fat-Finger Trade Error May Cost $50 Million in Losses, An Extra Zero Triggered European Market 8% Sell-off in Minutes
3rd June 2022 | Hong Kong
Citigroup fat-finger trade error may cost the American bank more than $50 million in trading losses, with an extra zero keyed in by a Citi trader causing a flash crash in Europe, with Swedish stocks dropping 8% in minutes (Swedish benchmark: Stockholm OMX 30 drops 7.9%) in May 2022 (2/5/22) and triggering further sell-off in Germany, France, Norway & Denmark. Citi: “One of our traders made an error when inputting a transaction. Within minutes, we identified the error and corrected it.” Nasdaq Stockholm: ”Nasdaq is continuously investigating all market movements on our market places, and we have done the same in this situation. The reason for the drop was a sell event by a market participant. We have not identified any disturbances in Nasdaq’s systems. Nasdaq has not seen any reason to cancel trades that were made during this event.”
“ Citigroup Fat-Finger Trade Error May Cost $50 Million in Losses “
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