FSA Report Reveals Citi’s Strategy

EXCHANGE TECHNOLOGIES

LONDON—The U.K. Financial Services Authority (FSA) last week issued a report that uncovers some of the details of a controversial trading strategy executed by Citigroup via the MTS markets in the summer of 2004 (DWT, Aug. 16 2004).

The report, which can be downloaded from the FSA Web site (www.fsa.gov.uk), details the exact nature of the trades, and the thinking behind the strategy, which those responsible for the subsequent market disturbance dubbed the “Dr. Evil” manipulation.

The report e

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