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Wednesday May 11, 10:49
Citigroup waiting for Belgium probe results
(by Dr.Goldfinger)

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Citigroup waiting for Belgium probe results The Belgian Banking, Finance and Insurance Commission said Tuesday it is close to an end in the probe on whether Citigroup manipulated the bond market when it sold €12.4 billion of the paper within seconds in August.

The BFIC said the investigation is close to an end and the commission will therefore have to rule the case of the rapid sale of €12.4 billion on August 2 by Citigroup.

Citigroup faces a huge fine if found guilty of manipulation, according to a person familiar with the matter. Earlier, the case was investigated by the Financial Services Authority of the UK as the controversial trade involved FSA’s EuroMTS electronic trading platform based in the UK.

Citigroup eventually apologized for the unfair trading but declined to comment on possible fines.

Frankfurt prosecutors cleared Citigroup traders of market manipulation on the Eurex derivatives exchange in March despite fierce opposition from some regulators. An independent sanctions committee on Eurex is still in progress of probing the case.
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