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Citi’s Response Appropriate During Sterling Flash Crash

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Citi (C.N) said on Wednesday that its trading operations functioned appropriately in a thin and illiquid market during October’s “flash crash” in sterling, responding to a Financial Times report that a trader at the U.S. bank exacerbated the pound’s fall.

The FT cited unnamed bankers and officials as saying that Citi’s traders were not believed to have started the slide in the currency but that its Tokyo desk played a key role in sending the pound to its lowest levels in 31 years.

“Sterling fell sharply following a news event just after midnight UK time, when the GBP spot foreign exchange market was extremely illiquid,” Citi, the biggest player in the $5 trillion a day global currency market, said.

Reuters

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary.

His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News.

Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.
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