Citigroup fined $45m for misleading clients

Mark Battersby
clock • 2 min read

Hong Kong's Securities and Futures Commission (SFC) has reprimanded Citigroup Global Markets Asia Limited and fined it HK$348.25m ($44.68m) for serious regulatory failures. The SFC said the company allowed various trading desks under its Cash Equities business to spread mislabeled Indications of Interest (IOIs). They further misrepresented institutional clients while executing facilitation trades between 2008 and 2018. Out of 174 sample facilitation trades executed by the Asian subsidiary of Citi and reviewed by the Hong Kong regulator, 127 provided either incorrect information to ...

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