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Citigroup trader triggers European flash crash

Citigroup trader triggers European flash crash

Citigroup has blamed a fat-finger error for a flash crash that briefly halted trading on European stock markets on Monday.

Trading was suspended in several markets after major share indexes plunged just before 8am GMT on Monday.

Nordic stocks were hit the hardest, while other European indexes also plummeted for a short time.

Sweden’s benchmark OMX 30 index fell by nearly 8%, but recouped most of the losses and ended the day 1.9% lower.

The Europe Stoxx 600 index of Europe’s leading shares lost as much as 3% before closing down 1.5%. The UK stock market was closed for a bank holiday.

“This morning one of our traders made an error when inputting a transaction,” Citigroup said in a statement on Monday night. “Within minutes, we identified the error and corrected it.”

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