(Bloomberg) -- For one Citigroup Inc. trader in London, the morning of May 2, 2022 went from bad to worse. Most Read from BloombergThese Flight Routes Suffer...
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Markets immediately started going haywire. Within minutes, the trader realized the mistake and canceled the order. But the damage was done: The blunder had sparked a five-minute selloff in European stocks, wreaking havoc in bourses stretching from France to Norway. The bank’s algorithmic service desk, which normally oversees the real-time monitoring of internal executions, had decided to transfer those responsibilities to the electronic execution desk because it had staff out on scheduled leave that day.
The bank sets a series of thresholds for each type of block. If a trade triggers one of these, a pop-up appears. Soft blocks can be overridden, but not hard blocks. The penalties come as a blow to Citigroup’s equities trading unit, led by Fater Belbachir. The division has spent years trying to climb the ranks of stock trading, but it remains far behind rivals like Goldman Sachs Group Inc. or JPMorgan Chase & Co.
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