Citigroup fined $2 mln for false quotes at Nasdaq opening

Discussion in 'Trading' started by ASusilovic, Mar 17, 2009.

  1. ASusilovic

    ASusilovic

    SAN FRANCISCO (MarketWatch) -- Citigroup Inc. was fined $2 million by the Financial Industry Regulatory Authority on Tuesday because it published erroneous Nasdaq transactions that triggered executions at other firms. FINRA said system failures at Citigroup Global Markets published by mistake about 6,800 non-bona fide transactions in more than 170 securities on a Quadruple Witch Expiration Friday in 2005. A Quadruple Witch Expiration Friday happens each quarter when stock index futures, index options, stock options, and options on stock index futures simultaneously expire.

    http://www.marketwatch.com/news/sto...10-7A76-4B4C-9EC4-E947617D5C99}&dist=hplatest
     
    #1     Mar 17, 2009
    Share
  2. operator

    operator

    Took FINRA 4 years to issue a fine. What a joke...
     
    #2     Mar 17, 2009
    Share
  3. El Guapo

    El Guapo

    Erroneous my ass.
    This is Citigroup Inc. "pretending to fail".
    Enterprise Corruption at its finest.
    The $2mm fine PALES in comparison to the receipt.
     
    #3     Mar 17, 2009
    Share
  4. nazzdack

    nazzdack

    Crime does pay, very well in fact. :cool:
     
    #4     Mar 17, 2009
    Share