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Citigroup unit to pay $1.1 mln to settle short-selling case
March 18, 2014 / 3:00 PM / 4 years ago

Citigroup unit to pay $1.1 mln to settle short-selling case

WASHINGTON, March 18 (Reuters) - A unit of Citigroup Inc will pay $1.1 million to settle civil charges it violated certain short-selling rules designed to reduce market manipulation risks, a Wall Street-funded regulator and BATS Global Markets announced Tuesday.

The Financial Industry Regulatory Authority said Citigroup Global Markets violated what is known as Rule 105 of “Regulation M,” which prohibits a trader from shorting stock prior to a public offering, then buying the same stock through the offering.

Citigroup is settling the case without admitting or denying the charges. A spokeswoman said the company was “pleased to resolve” the matter.

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