Citigroup was fined £ 61.6 million by British regulators on WednesdaypokemonlikecryptogameThe reason was that a London employee's "black finger" trading led to a flash crash in European stock markets in 2022.

The UK's Financial Conduct Authority (FCA) said in a statement that the Wall Street giant's systems were poorly designed and real-time monitoring was "ineffective", allowing erroneous transactions to be passed. Citigroup did not dispute the regulator's findings and agreed to settle the charges.

The FCA said the trader originally intended to sell a basket of stocks worth $58 million, but made an input error while entering the order, resulting in the creation of a basket of stocks worth $444 billion.

Citigroup's controls did prevent some transactions, but not all. Before the trader canceled the order, European exchanges sold about $1.4 billion worth of shares.

The FCA said in a statement: "Some key controls are missing or flawed. In particular, there are no hard and hard obstacles to completely rejecting this whole bunch of wrong stocks and preventing any of them from entering the market."

The mistake triggered a five-minute sell-off in the OMX Stockholm 30 index, which ultimately caused severe damage on exchanges from Paris to Warsaw, wiping out 300 billion euros at one point.

The FCA fined Citigroup £ 27.77 million, while the UK Prudential Regulation Authority fined the bank £ 33.88 million.