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Citigroup's Fat-Finger Trade Seen Costing Bank More Than $50M

• helsinkiandrew 4y ago
  Ouch: > A trader in the firm’s Delta One trading unit in London was working from home during a bank holiday on May 2 when the person incorrectly added an extra zero to a trade early in European market hours, said the people
• phyalow 4y ago
  As a ex. IB Delta One Trader, this sort of thing shouldnt be possible. It is more a reflection of the fact Citi's systems dont have (any? or sufficient) fat finger checks (or liquidity impact checks) pre execution. Trade entry errors are a given when you are probably doing 50-500+ trades a day, its the processes and procedures in place to mitigate them that are important. It is also telling from a cultural perspective that the trader in question is on leave - rather than someone from management who allowed poor risk management/technology design/governance to seep into such a critical system. Citi has a poor reputation on the street for systems and people - this just perpetuates that status.
• hulitu 4y ago
  50M ? Come back when it's 50B.
• jasfi 4y ago
  Automated trading could help even the big players it seems.