‘Flash crash’ in markets caused by trader error

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A “flash crash” plunge in European stock markets was caused by an “inputting error” by a trader at US banking giant Citigroup

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he “fat finger” trade sent shares tumbling on Sunday, with markets in the Nordic region worst hit.

The Stockholm OMX 30 index plunged eight per cent in five minutes at the start of trading, before recovering most of its losses.

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Markets in Denmark, Norway, Germany, Italy and France were also affected and trading was briefly halted in several.

The New York bank said in a statement: “One of our traders made an error when inputting a transaction. Within minutes, we identified the error and corrected it.”

Sweden’s financial supervisory authority said it is investigating the plunge and has been in contact with US stock market Nasdaq, which runs the Stockholm bourse.

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Credit: www.standard.co.uk /

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