CITI HANDED HALF A $BILLION IN FINES – Citi have been fined $500mn by the authorities in Hong Kong because they failed to follow the correct protocol for their dark pool. The Securities and Futures Commission (SFC) discovered that Citi’s alternative liquidity pool failed to comply with the set requirements put in place as a part of the code of conduct. Citi’s ALP had incorrect system settings which enabled more than 130 clients to gain access to the venue without being assessed as qualified investors. Citi also failed to provide the clients with guidelines, which is a requirement of the SFC. The SFC’s statement of disciplinary action said, “As a licensed corporation, Citigroup Global Markets Asia Limited has to conduct its business activities with due skill, care and diligence and comply with the applicable regulatory requirements.” #SpartanInternational