A group of traders from the world’s largest financial services provider at the time, Citigroup Corporation (known in the jargon as “Citi”), threw government bonds worth around EUR 12 billion onto the market within a few seconds on August 2, 2004 via an electronic trading system (Mercato Telematico all’Ingrosso dei Titoli di Stato, headquartered in Milan, MTS: German, French and Italian government bonds were traded between [then 22] major banks via this platform), thereby putting prices under very strong pressure. Shortly thereafter, Citigroup traders bought the securities back cheaper and realized an estimated profit of EUR 17 million. This transaction triggered discussions about a central pan-European regulator. – See agiotage, supervision, european, regulators, bear raid, bull raid, Citigroup bonus scheme, corner, financialsodomite, trades, collusive, Kerviel scandal, price manipulation, market manipulation.
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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
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