11:41 AM EDT, 06/20/2024 (MT Newswires) -- Citigroup's ( C ) Citigroup Global Markets Europe AG unit has been hit with a nearly 13 million euro ($13.9 million) fine by Germany's Federal Financial Supervisory Authority over issues with its trading systems in 2022 that led to a market disruption, the regulator said Thursday.

"In May 2022, Citigroup Global Markets Europe AG did not have appropriate systems and risk controls in place to ensure that its trading systems are subject to appropriate trading thresholds and limits," BaFin, as the regulator is also known, said.

"The investment firm also failed to prevent the sending of erroneous orders, which may create or contribute to a disorderly market," BaFin said.

The "system failed to detect a manual input error made by one of the company's traders" which led to a market disruption, it added.

Citigroup ( C ) didn't immediately respond to a request for comment by MT Newswires.

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