Reply to post: Calm Down

Software bug costs Citigroup $7m after legit transactions mistaken for test data for 15 years

DaveyDaveDave

Calm Down

To those of you frothing at the mouth about an evil corporation making a huge profit out of breaking the rules, I suggest you re-read the article and the report. It doesn't say anywhere that anyone made any profit, they just failed to correctly report on a relatively small proportion of trades completed by their customers. That reporting was just used to help the SEC in monitoring and investigating problems. Not reporting it didn't help that monitoring, but it also didn't directly hinder it.

They've also subsequently identified and reported those trades, and the fact that there's no mention of them being problematic presumably means they were run of the mill trades, and it wasn't hiding anything untoward. If there were more to it, there'd be a fraud investigation, not a paltry fine for incorrect reporting.

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