Erscheinung:20.06.2024 | Topic Measures Announcement Citigroup Global Markets Europe AG
On 24 May 2024, BaFin imposed an administrative fine amounting to 12,975,000 euros on Citigroup Global Markets Europe AG.
On 24 May 2024, BaFin imposed an administrative fine amounting to 12,975,000 euros on Citigroup Global Markets Europe AG.
The sanction related to a breach of section 80 (2) sentence 3 no. 1 and no. 2 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG). As an investment firm engaged in algorithmic trading, Citigroup Global Markets Europe AG did not have effective systems and risk controls in place to ensure that its trading systems
- are subject to appropriate trading thresholds and limits and
- prevent the sending of erroneous orders that may create or contribute to a disorderly market.
The administrative fine order is final and binding.
