12:03 PM EDT, 06/20/2024 (MT Newswires) -- (Updates with Citigroup's ( C ) comments in the fifth and sixth paragraphs.)

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.

A Citigroup ( C ) spokesperson told MT Newswires that the bank is "pleased to resolve this matter from more than two years ago, which arose from an individual error that was identified and corrected within minutes."

"We immediately took steps to strengthen our systems and controls, and remain committed to ensuring full regulatory compliance," the Citigroup ( C ) spokesperson said.

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