Citi reaches settlement with Montreal Exchange on options reporting

(Reuters) -Citigroup reached an agreement with the Bourse de Montreal to resolve allegations that it failed to report positions on options contracts exceeding a certain threshold, the exchange said on Thursday.

The bank failed to establish and maintain a system to supervise employees to comply with reporting rules, the exchange said, adding that Citi will pay a $138,000 fine and $10,600 for related costs as part of the settlement.

Last week, U.S. banking regulators fined Citigroup $136 million for making "insufficient progress" in fixing data management issues identified in 2020 and required the bank to demonstrate it was putting enough resources toward those efforts.

Citigroup declined to comment.

(Reporting by Jaiveer Singh Shekhawat in Bengaluru, editing by Lananh Nguyen and Maju Samuel)

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