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GlobeNewswire
221 Leser
Artikel bewerten:
(1)

Decision by the Disciplinary Committee regarding Citigroup Global Markets Europe AG

Finanznachrichten News
Stockholm, November 11, 2024- The Disciplinary Committee of Nasdaq Stockholm
(the "Exchange") has found that Citigroup Global Markets Europe AG (the
"Company") has breached the Nasdaq Nordic Member Rules (the "Rulebook") and
therefore ordered the Company to pay a fine of SEK 6,000,000. 

On May 2, 2022 the Exchange's Trading Surveillance function identified a
significant price drop in a number of financial instruments and indices,
including equities, futures and Exchange Traded Products (the "Market Event")
traded on markets operated by Nasdaq Nordic. The price drop lasted for
approximately seven minutes before correcting to roughly the same levels as
before the drop. During the price drop, the indices in Denmark, Finland and
Sweden were down approximately 6.5%, 7% and 8%, respectively. The Exchange's
analysis showed that the Company was the major seller in the market, and
thereby triggered the Market Event. 

The Exchange argued before the Disciplinary Committee that the Company violated
the Rulebook by not having in place sufficient pre-trade controls, by
submitting non-genuine orders to the Exchange, by failing to properly monitor
its trading activity, by failing to keep contact information provided to the
Exchange up to date and by not immediately notifying the Exchange of a material
deviation from the provisions of the Rulebook. 

The Disciplinary Committee states that it is evident that the Company's trading
control system did not prevent an individual trader from executing erroneous
orders with a total value of 189 billion dollars, and that the warnings the
trader received in the system could easily be dismissed. According to the
Disciplinary Committee, the Company did not have the required trading control
systems considering the nature and scope of its operations. The Disciplinary
Committee sees no reason to doubt that the Market Event was initiated and
predominantly caused by the actions of the Company's trader and the
deficiencies in the Company's control system. 

The Disciplinary Committee notes that the Company has violated five sections of
the Rulebook. The Disciplinary Committee takes a particularly serious view of
the deficiencies in the Company's internal control and the effects that the
erroneous orders on May 2, 2022, as far as can be assessed based on the case
material, had on the market. The Disciplinary Committee sets the fine at SEK
6,000,000. 

The Disciplinary Committee's decision is available at:

https://www.nasdaq.com/market-regulation/nordic/stockholm/disciplinary/decisions
-sanctions 

About the Disciplinary Committee

The role of Nasdaq Stockholm's Disciplinary Committee is to consider suspicions
regarding whether Exchange Members or listed companies have breached the rules
and regulations applying on the Exchange. If the Exchange suspects that a
member or company has acted in breach of the rules, the matter is referred to
the Disciplinary Committee. Nasdaq Stockholm investigates the suspicions and
pursues the matter and the Disciplinary Committee issues a ruling regarding
possible sanctions. The sanctions possible for listed companies are a warning,
a fine or delisting. The sanctions possible for Exchange Members are a warning,
a fine or debarment. Fines paid are not included in the Exchange's business but
are attributed to a foundation supporting research in the securities market.
The Disciplinary Committee's Chairman and Deputy Chairman must be lawyers with
experience of serving as judges. At least two of the other members of the
Committee must have in-depth insight into the workings of the securities
market. 

Members: Former Supreme Court Justice Marianne Lundius (Chairman), Supreme
Court Justice Petter Asp (Deputy Chairman), Supreme Court Justice Johan
Danelius, Company Director Anders Oscarsson, Company Director Joakim Strid,
Lawyer Wilhelm Lüning, Lawyer Patrik Marcelius, Lawyer Erik Sjöman, MBA Carl
Johan Högbom, Authorized Public Accountant Magnus Svensson Henryson, Former
Authorized Public Accountant Svante Forsberg, Lawyer Magnus Lindstedt and
director Kristina Schauman. 

About Nasdaq

Nasdaq (Nasdaq: NDAQ) is a leading global technology company serving corporate
clients, investment managers, banks, brokers, and exchange operators as they
navigate and interact with the global capital markets and the broader financial
system. We aspire to deliver world-leading platforms that improve the
liquidity, transparency, and integrity of the global economy. Our diverse
offering of data, analytics, software, exchange capabilities, and
client-centric services enables clients to optimize and execute their business
vision with confidence. To learn more about the company, technology solutions,
and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at
www.nasdaq.com. 

Nasdaq Media Contact

Erik Gruvfors
+46 73 449 78 12
erik.gruvfors@nasdaq.com
© 2024 GlobeNewswire
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