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Citi Faces Fresh Scrutiny Over Sterling Flash Crash
[Photo: Citi London - Mattbuck / Wikimedia Commons]
Citigroup faces fresh scrutiny from both the Bank of England and the London watchdog over its role in the flash crash that briefly sent sterling plummeting to a 31-year low in October. The next step is for officials from the BOE’s Prudential Regulation Authority and the Financial Conduct Authority to meet with Citi executives.
The flash crash, in which sterling slumped more than 9% to $1.14 in less than a minute before partially rebounding, took place in the early hours on 10/7/16.
A Tokyo-based Citi trader is thought to have exacerbated the pound’s fall by firing off a series of sell orders in quick succession through an electronic trading program. Citigroup, which is the world’s biggest foreign exchange trader, is not believed to have triggered the incident, one of a series of flash crashes that have raised regulators’ concerns about the liquidity of financial markets.
