Defendant Name:
Citigroup Global Markets Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Citigroup Inc.
SIC Code:
6021
CUSIP:
17296742
Document Reference:
33-10545
Document Details
Legal Case Name
In the Matter of Citigroup Global Markets, Inc. and Citi Order Routing and Execution, LLC
Document Name
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933 and Section 8A of the Securities Act of 1933 and Sections 15(b) and 21C of the Securities Exchange Act of 1934, Making Findings, and imposing Remedial Sanctions and a Cease-and-Desist Order
Document Date
14-Sep-2018
Document Format
Administrative Proceeding
Allegation Type
Broker Dealer
Document Summary
"This proceeding arises from the conduct of Respondents in connection with a "crossing network" or "dark pool" called Citi Match. . . . CGMI marketed Citi Match exclusively to institutional customers, including mutual fund and retirement fund advisers. During the relevant period, CGMI made material misstatements and omissions to these institutional users concerning (a) the types of market participants that were allowed to place orders in Citi Match and (b) Citi Match's practice of routing orders to other trading venues for execution. . . . Additionally, from at least December 2011 to April 30, 2015, CORE operated as an exchange by virtue of providing Citi Match as a marketplace for NMS stocks. Despite this, CORE did not register as a national securities exchange or operate pursuant to an exemption from such registration."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Monetary Penalties:
Disgorgement
Individual:
$4,718,784.59
Shared:
Civil Penalty
Individual:
$6,500,000.00
Shared:
Pre-Judgment Interest
Individual:
$718,690.47
Shared:
Other Defendants in Action:
