Citigroup Global Markets Limited

Activities and protection

What they can do, and how you are protected

• Hold or safeguard your money · Manage or trade investments · Run or oversee funds FSCS may apply
  Eligible investment and pension claims are typically FSCS-protected up to £85,000 per person, depending on the product and your circumstances.

  Check your FSCS cover →

• Give regulated advice FSCS may apply
  A claim for unsuitable advice is itself FSCS-protected, up to the limit that applies to the product you were advised on.

Complaints: You can refer a complaint about this firm to the Financial Ombudsman Service for free, whichever activity it relates to.

Track record

Action taken against them

4 fines between 2005 and 2024, £94.17m in total. This is part of the official register record and is worth reviewing before going ahead.

• Fined £27.77m on 17 May 2024

  The FCA has issued a final notice on 17/05/2024 by which it imposed a financial penalty of £27,766,200 against CGML (the firm) following breaches of Principles 2 (skill, care and diligence) and 3 (management and control) of the Authority’s Principles for Businesses, and for breaches of Rule 7A.3.2 of the Market Conduct part of the Authority’s handbook known as MAR relating to Algorithmic Trading. On 17 May 2024, the PRA issued a Final Notice to Citigroup Global Markets Limited (CGML). The PRA imposed a financial penalty of £33,880,000 for breaches of Fundamental Rules two (a firm must conduct its business with due skill, care and diligence), five (a firm must have effective risk strategies and risk management systems) and six (a firm must organise and control its affairs responsibly and effectively), as well as breaches of the PRA Rulebook Algorithmic Trading Rules 2.1(2-3) and 2.2(2). CGML agreed to settle during the Discount Stage of the PRA’s investigation. As a result, CGML qualified for a 30% settlement discount under the PRA Settlement Policy. Were it not for this discount, the PRA would have imposed a financial penalty of £48,400,000. The PRA’s action took effect on 17 May 2024. A copy of the Final Notice can be found on the Bank of England’s website and can be accessed here . https://www.fca.org.uk/publication/final-notic es/citigroup-global-markets-limited-2024.pdf

• Fined £12.55m on 19 August 2022

  On 19 August 2022, the Financial Conduct Authority (the “FCA”) imposed a financial penalty of £12,553,800 on Citigroup Global Markets Limited (“CGML”) for breaches of Principle 2 of the FCA’s Principles for Businesses (“Principle 2”) and Article 16(2) of the Market Abuse Regulation, Regulation (EU) No. 596/2014 (“Article 16(2)”). The reasons for this action are that CGML: (i) breached Principle 2 during the period between 2 November 2015 and 18 January 2018 by failing to conduct its business with due skill, care, and diligence in relation to its implementation of the requirements of Article 16(2); and (ii) breached Article 16(2) during the period between 3 July 2016 and 18 January 2018 by failing to establish and maintain effective arrangements, systems and procedures to detect and report suspicious orders and transactions. A copy of the Final Notice is available on the FCA's website and can be accessed.

  Read the FCA notice →

• Fined £43.89m on 26 November 2019

  On 26 November 2019, the PRA issued Citigroup Global Markets Limited (CGML), Citibank N.A. London Branch (CBNA London) and Citibank Europe Plc UK branch (CEP UK) (“Citi”) with a financial penalty of £43,890,000 pursuant to section 206 of the Financial Services and Markets Act 2000. The reason for this action was that, between 19 June 2014 and 31 December 2018, Citi breached relevant requirements under the PRA Rulebook. Specifically, CGML and CBNA London breached Fundamental Rule 6 (a firm must organise and control its affairs responsibly and effectively). CBNA London and CEP UK also breached the Branch Rule Return (requires incoming and third party firms to provide the PRA with specified information) and all three firms breached Rule 6.1 of the Notifications Part of the PRA rulebook (firms must take reasonable steps to ensure the information they submit to the PRA is complete and accurate).    A copy of the Final Notice can be found on the Bank of England’s website and can be accessed.

  Read the FCA notice →

• Fined £9.96m on 28 June 2005

  On 28 June 2005, the Financial Services Authority imposed a financial penalty on Citigroup Global Markets Limited (CGML) for breaching FSA Principles 2 and 3 by failing to conduct its business with due skill, care and diligence and failing to control its business effectively. The penalty consisted of two elements 1) a relinquishment of profits of £9,960,860 and 2) an additional penalty of £4 million. A summary of the decision is set out below. Full details of the decision can be found in the Final Notice on the FSA's website. On 2 August 2004 CGML executed a trading strategy on the European government bond markets which involved the building up and rapid exit from very substantial long positions. The centre-piece of the strategy was the simultaneous execution of a large number of trades on the MTS platform using specially configured technology. In contravention of Principle 2 of the FSA's Principles for Businesses CGML failed to conduct its business with due skill, care and diligence in that in planning, authorising and executing the strategy: i) CGML did not have due regard to the inherent risks including the likely consequences the execution of the trading strategy could have for the efficient and orderly operation of the MTS platform. ii) CGML did not ensure that clear parameters for the size of the trade were understood, communicated and reviewed. In contravention of Principle 3 of the FSA's Principles for Businesses, CGML failed to take reasonable care to organise and control its affairs responsibly and effectively and to implement adequate risk management systems in that: i) There was a failure within CGML to escalate the detailed trading strategy on 2 August 2004 adequately and in advance to senior management, and a failure to consult with applicable control functions. ii). There were inadequate systems for the supervision of traders. The effect of the trade was to cause short term disruption to volumes of bonds quoted and traded on the MTS platform, and sharp drops in prices.

Common questions

Frequently asked questions