{"id":26103,"date":"2022-05-03T04:09:38","date_gmt":"2022-05-03T04:09:38","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/05\/03\/london-trader-made-error-in-flash-crash-citigroup-says\/"},"modified":"2022-05-03T04:09:38","modified_gmt":"2022-05-03T04:09:38","slug":"london-trader-made-error-in-flash-crash-citigroup-says","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/05\/03\/london-trader-made-error-in-flash-crash-citigroup-says\/","title":{"rendered":"London trader made error in ‘flash crash’, Citigroup says"},"content":{"rendered":"
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US banking giant Citigroup has said one of its traders made a mistake in what it called a “flash crash” in stock markets in Europe on Monday.<\/b><\/p>\n<\/div>\n

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A flash crash is an extremely rapid fall in the price of one or more assets, often caused by a trading error.<\/p>\n<\/div>\n

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Trading was briefly halted in several markets after major stock indexes fell just before 8:00 GMT on Monday.<\/p>\n<\/div>\n

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Nordic stocks were hit hardest, while other European indices also fell briefly.<\/p>\n<\/div>\n

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\u201cThis morning one of our merchants made a mistake entering a transaction. Within minutes we identified and corrected the error,” the New York-based bank said in a statement late Monday.<\/p>\n<\/div>\n

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The flash crash sent European stocks suddenly plummeting on a day when trading was particularly thin due to holidays around the world.<\/p>\n<\/div>\n

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The Swedish benchmark stock index Stockholm OMX 30 was one of the hardest hit, falling 8% at times before reversing most of those losses to end the day down 1.87%.<\/p>\n<\/div>\n

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Flash crashes can be caused by human error or so-called “fat finger” trades – an indication that someone has entered a trade’s details incorrectly.<\/p>\n<\/div>\n

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Such trading errors and the flash crashes they can cause are often costly. They have shaken exchange rules and even resulted in criminal convictions.<\/p>\n<\/div>\n

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In August 2012, a computer glitch at US financial services firm Knight Capital caused a major stock market disruption that cost the company around $440 million.<\/p>\n<\/div>\n

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A sudden crash on the Singapore Stock Exchange in October 2013 caused some shares to lose up to 87% of their value and new regulations were introduced to avoid a repeat of the incident.<\/p>\n<\/div>\n

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    \n
  • How the ‘Hound of Hounslow’ helped trigger a $1Tn crash<\/li>\n
  • Hounslow dealer avoids jail in ‘flash crash’ case<\/li>\n<\/ul>\n<\/div>\n<\/div>\n
    \n

    In 2020, UK-based former stock trader Navinder Sarao was sentenced to a year of house arrest for inciting a brief $1 trillion US stock market crash 10 years earlier.<\/p>\n<\/div>\n

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    Using specially programmed high-speed software, Sarao placed thousands of unfulfilled orders, creating the illusion of market demand. If he canceled or changed his bids, he could benefit.<\/p>\n<\/div>\n

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    The activity — known as “spoofing” — contributed to the market instability that led to the “Flash Crash” in May 2010, when the Dow Jones index fell nearly 1,000 points in a matter of minutes.<\/p>\n<\/div>\n

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    The US made spoofing a crime in 2010 as part of a broader effort to tighten regulations after the 2008 financial crisis.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

    US banking giant Citigroup has said one of its traders made a mistake in what it called a “flash crash” in stock markets in Europe on Monday. A flash crash is an extremely rapid fall in the price of one or more assets, often caused by a trading error. 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