4:30: Citi is hosting a call right now entitled “The Panic Button – What Happened?”
Amusingly (suspiciously!) this call was planned before the shit hit the fan, possibly weeks ago, to discuss “what is happening in global funding, foreign exchange, credit and equity markets.” At least that’s what they want us to believe.
4:35: Armando Diaz, Citi’s US Head of Franchise Trading takes the mic. “As believer of market efficiency and sniffing out the truth we were concerned about the Citi rumors.”
“We have done a very thorough examination multiple times in terms of trading logs, systems, runs”
“We have not found any info that would lead us to believe we were involved in a technical error” (so S a D, CNBC)
“we’ve heard the “e-mini rumor”– what took place electronically was not linked exclusively to the e-mini volume”
Talking about Greece, yada, yada, yada. Hopefully someone will bring up the (fat fingered) elephant in the room during the Q&A. While we wait, I’d like for anyone at Citi to let me know if this rings true for them...
Citigroup Finds ‘No Evidence’ Bank Involved in Erroneous Trades