HK SFC raps Citi unit for algo system failures
The firm narrowly escaped a heavy fine because the share price movements in question occurred before new electronic trading rules took effect in January.
Hong Kong’s securities regulator has reprimanded a unit of Citigroup for failing to ensure that its algorithmic trading systems functioned properly between April 2009 and May 2010.
Four Hong Kong-listed stocks traded on behalf of clients by Citigroup Global Markets Asia were affected in trades on four occasions during that period.
The firm’s execution had resulted in a material increase or decrease in the price of the stocks within a very short period of time, before the stock p…
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