Business
The $315 billion flash drop in European markets, according to Citi, was caused by a trader’s miscalculation.
Citigroup Inc. said its London trading desk was responsible for a flash crash in Europe that sent stocks tumbling across the continent after a sudden 8% drop in Swedish stocks.
“One of our traders made an error when inputting a transaction this morning,” the New York-based bank said in an emailed statement late Monday. “Within minutes, we had identified and corrected the error.”
According to a person familiar with the situation who asked not to be identified because he or she was discussing non-public information, Citigroup is in talks with regulators and exchanges about the incident.
A five-minute selloff in the OMX Stockholm 30 Index wreaked havoc on bourses from Paris to Warsaw, knocking the main European index down by as much as 3% and wiping out 300 billion euros ($315 billion) at one point.
Nasdaq Stockholm’s spokesman said the brief drop wasn’t due to a technical glitch on the exchange’s part. “Our first priority was to rule out any technical problems with our systems, and our second priority was to rule out any external attacks.” Nasdaq Stockholm spokesman David Augustsson said, “We have now excluded both.”
“It is very clear to us that a very significant transaction made by a market participant is the cause of this market move,” he said.
The OMX Stockholm 30 Index fell 1.9 percent, roughly in line with European stock markets. It had dropped as much as 8% in just five minutes before quickly recouping most of its losses.
Citi may suffer financial and reputational harm as a result of the error, as Nasdaq has stated that it will not cancel any trades made on the Nordic markets.
Despite safeguards, equity markets can be very sensitive to erroneous trades, according to Joakim Bornold, savings economist at Soderberg & Partners.
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Business managers, known for their dynamic and demanding roles, are now adopting innovative activity hacks to improve their lifestyle and well-being. Recognizing the importance of work-life balance and personal wellness, these leaders are implementing a range of activities to foster physical health, mental clarity, and overall satisfaction in their professional and personal lives.
Mindfulness at Work lifestyle
Business managers are incorporating mindfulness practices, such as meditation and deep breathing exercises, into their daily routines to reduce stress and increase focus in high-pressure situations.
Regular Exercise Breaks
Amid tight schedules, managers are embracing short exercise breaks, such as brisk walks or stretching exercises, to stay active throughout the day and boost their energy levels.
Nutrition and Healthy Eating
Prioritizing their well-being, managers are adopting healthier eating habits, including nutritious snacks and well-balanced meals, to sustain their energy during demanding workdays.
Time Management Workshops
Business managers are attending time management workshops to enhance their organizational skills, enabling them to efficiently juggle multiple responsibilities and achieve better work-life integration.
Skill Development Seminars
Recognizing the value of continual growth, managers are attending skill development seminars to stay updated on industry trends and enhance their leadership abilities.
Flexible Work Arrangements
Some forward-thinking companies are offering flexible work arrangements to business managers, providing the freedom to create a more harmonious work-life balance.
Social Engagement
Building a sense of camaraderie, managers are engaging in team-building activities and networking events to foster positive relationships within their professional circles.
Unplugging from Technology: In a digital era, managers are prioritizing personal time by unplugging from technology during non-working hours, allowing for genuine relaxation and recharging.
Pursuing Hobbies and Interests
Managers are rediscovering their passions outside of work, be it painting, gardening, or playing a musical instrument, to unwind and find fulfillment beyond their professional roles.
Encouraging Employee Wellness
Some managers are also promoting wellness initiatives within their teams, encouraging their employees to embrace similar activity hacks and lead healthier lives.
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