Citigroup suffered a technology glitch at the height of the market panic over coronavirus that left it relying on the grace of an exchange clearing house to prevent the bank from defaulting on margin payments for derivatives contracts.
The bank had a problem with payments technology that meant it was late to meet a margin call from a US clearing house run by Intercontinental Exchange in March 2020, according to several people familiar with the matter.
Derivatives executives told the FT that malfunctions leading to missed margin calls are rare but not unheard-of. The incident highlighted the extent to which the financial system was under stress during the market sell-off at the onset of the pandemic.
您已閱讀20%（708字），剩余80%（2914字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。