Latest news with #CITI
CTV News
2 days ago
- Business
- CTV News
Price of gold could drop to US$2,500: commodities expert
Sorry, we're having trouble with this video. Please try again later. [5006/404] Gold's rally may be over, according to a commodities expert who predicts prices to drop substantially late next year to well under US$3,000 an ounce. Max Layton, global commodities head at CITI Research, predicts gold will trade at about $2,500 to $2,700 in the second half of next year, down about $900 or so less than where it is today. 'Our call is very much a 2026 bearish gold call,' Layton told BNN Bloomberg in a Thursday interview. 'Near term, we have it averaging around $3,200 in the third quarter and $3,000 in the fourth quarter.' Gold reached $3,382.40 per ounce Thursday and is up by more than 70 per cent over the past two years. Layton said CITI had been bullish on gold for the last couple of years as investors flocked to the precious metal. He said people are buying gold to hedge against a downside risks to their household wealth over fears of slowing economic growth and global uncertainty. 'The move from $2,600 to $3,300 this year has been all about investors buying bars and coins, particularly bars because they're hedging against a downside in U.S. and global growth, as well as a downside in equities related to that downside in U.S. and global growth, which has come about because of the combination of still extremely high interest rates in the U.S. by historical standards, and the tariffs.' He however expects a drop in prices due to weakening investment demand, anticipated U.S. interest rate cuts and improved economic prospects. 'We're getting close to this One Big Beautiful Bill Act passing Congress,' said Layton. 'We think that is going to mark a shift in sentiment towards U.S. growth and basically a slight reduction, or even a moderate reduction, or even possibly by the end of next year, heading into the mid terms with lower interest rates as well.' The bill has a section citing 'remedies against unfair foreign taxes.' It is expected to hit Canadians and international investors with a higher tax on dividends they received from U.S.-based investments, placing more money in American coffers to evidentially lead to growth in the U.S.' This bill, the passing of it being net stimulatory for the U.S. economy, is going to reduce fears about growth and lead to a bit more positivity and a little less investment buying of gold,' said Layton. 'With that, you basically unwind the primary driver of the last $700 move in the old price higher from $2,600 to $3,300.' While CITI paints a bleak picture for gold prices, major financial institutions such as Goldman Sachs project prices to rise to $3,700 by late 2025 and $4,000 by mid-2006 thanks to robust central bank buying. Bank of America as well predicts prices to rise to $4,000 within 2026.
India.com
3 days ago
- Business
- India.com
India beats China and Bangladesh to become biggest player in…, shocks Pakistan due to…
The global textile industry is witnessing a major shift as buyers move away from China and Bangladesh. Now India is emerging as a major center for this business. India's garment exports have shown major growth. According to data from the industry organization CITI, apparel exports increased by 11.3% in May. Western buyers also now consider India as a more reliable partner as compared to Bangladesh and China. This has boosted India's exports. In August last year, political instability started in Bangladesh after a government change under Sheikh Hasina. This situation led to India's export growth. According to The Economic Times , apparel exports surged by 17.3% in September and 24.35% in October. Several buyers from developed nations are asking Indian suppliers to boost their capacity and get necessary certifications. After tariffs were imposed by the Trump administration on China also helped India to gain a duty advantage over Chinese exports. This surge in exports is good news for the textile industry, which was struggling for two years after the COVID-19 pandemic. The political tussle in Bangladesh led to a shift in global supply chains. Industry leaders believe that buyers prioritize stability and continuity in the supply chain, avoiding any form of uncertainty. Although Bangladeshi manufacturers are in high capacity and can fulfill large orders in short periods, Indian manufacturers are optimistic about maintaining their export growth, driven by duty advantages over China. India holds a $10 billion share in the U.S. apparel market as compared to China's $30 billion. While apparel exports are rising, the import of raw cotton is also increasing, as domestic cotton prices are higher than international rates. The Cotton Association of India estimates that cotton imports will more than double in 2024-25, reaching 3.3 million bales (170 kilograms each) compared to 1.52 million bales last year. Paksitan's export were far less than Indian, according to media reports, In fiscal year 2024-25, Pakistan's exports were $24 billion.
Time of India
3 days ago
- Business
- Time of India
Advantage India! As West moves away from China & Bangladesh, India's apparel exports see big growth; $120 billion US market biggest opportunity
Buyers from developed countries are encouraging Indian manufacturers to increase production capacity. (AI image) India is fast emerging as an alternate destination for reliable apparel sourcing for buyers in the West, as they move away from Bangladesh and China. India's garment exports maintained robust growth, showing an 11.3% year-on-year increase in May, according to data from the Confederation of Indian Textile Industry (CITI). This export growth provides relief to India's apparel sector, which experienced two consecutive years of difficulties following the pandemic. In the US market, India's share stands at $10 billion, whilst China maintains a $30 billion share. Buyers from developed countries are encouraging Indian manufacturers to increase production capacity and obtain necessary certifications. This push comes as India stands to benefit from duty advantages over China, resulting from reciprocal tariffs implemented during the Donald Trump administration. Advantage India The sector witnessed significant growth following political instability after Sheikh Hasina's government was removed in Bangladesh last August, according to an ET report. Export figures rose by 17.3% in September, followed by a 24.35% increase in October. Also Read | 'Dramatic decline…watch out…': China's exports to US dip sharply amid Trump trade war; why India needs to be on the guard "There was a fall in India's apparel exports after Covid, as consumers bought fewer newer clothes due to excess purchases made during the Covid period. There was a period of stagnation or degrowth for about two years post Covid," said Sanjay K Jain, chairman, National Textile Committee, Indian Chamber of Commerce. The apparel sector began showing signs of improvement after the political changes and unrest in Bangladesh. Industry experts noted that due to the continuous nature of apparel production, buyers seek stability in their supply chains. Bangladesh's apparel sector has substantial manufacturing capabilities, enabling them to fulfil large orders quickly, which differs from Indian manufacturers. Also Read | Big win! China companies now exporting 'Made in India' smartphones & electronics to US, West Asia; notable shift for Chinese brands The export growth is expected to continue for Indian manufacturers due to duty advantages compared to China. "There is a big window of opportunity for Indian apparel exporters. The $120 billion US market is the biggest opportunity. All we need is to get the raw material at competitive rates," said Jain. Whilst apparel exports continue to rise, raw cotton imports are increasing as domestic prices exceed international rates. The projected cotton imports for India in 2024-25 are set to more than double compared to the previous year. The Cotton Association of India reports that the nation's cotton imports are expected to reach 3.3 million bales of 170 kilograms each in 2024-25, an increase from 1.52 million bales in the previous year. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Fibre2Fashion
11-06-2025
- Business
- Fibre2Fashion
Addressing key issues aim of Indian Task Force on Textiles Exports
The primary objective of the Task Force on Textiles Exports is to create a unified platform to address critical issues of the textile sector by involving all relevant stakeholders, Indian commerce secretary Sunil Barthwal told the first meeting of the task force held in Delhi yesterday. That would help resolve issues and formulate strategies for enhancing India's share of textile exports in global markets, he said. The primary objective of the Task Force on Textiles Exports is to create a unified platform to address critical issues of the textile sector by involving all relevant stakeholders, Indian Commerce Secretary Sunil Barthwal told the first meeting of the task force held in Delhi yesterday. That would help resolve issues and formulate strategies for enhancing India's share of textile exports globally. The meeting discussed upgradation of environmental, social and governance infrastructure in garment manufacturing units, use of renewable energy, European Union Deforestation Regulation, strengthening of e-commerce for export growth and simplifying regulatory framework, labour, and raising cost competitiveness for productivity enhancement. It also discussed development of new jute diversified products, separate HS codes for products with geographical indication, productivity enhancement of natural fibres and matters related to the Export Promotion Mission being set up by department of commerce. Representatives of the various textiles Export Promotion Councils and industry associations offered their views and suggestions, a release from the ministry of commerce and industry said. Meanwhile, the Confederation of Indian Textile Industry (CITI) welcomed the approach adopted by the Ministry of Commerce to ensure that textile exporters can derive the fullest advantage of trade agreements signed by India and those on the verge of being signed, CITI chairman Rakesh Mehra said in a release. Fibre2Fashion News Desk (DS)
Finextra
09-06-2025
- Business
- Finextra
Nasdaq Helsinki fines Citigroup for fat finger incident
The Disciplinary Committee of Nasdaq Helsinki Ltd has imposed a reprimand and a fine of EUR 350,000 to Citigroup Global Markets Europe AG due to the breaches of the Nordic Member Rules ('Rules') of Nasdaq Helsinki Ltd ('the Exchange'). 0 Citigroup Global Markets Europe AG ('CITI') had breached the Rules as the trading member of the Exchange in relation to the market incident occurred in May 2022. The Disciplinary Committee concluded in its decision that a trader at CITI placed at 9:57 a.m. on 2 May 2022 a series of sell orders with a combined value of USD 444 billion to the trading system. These orders were erroneous and caused by a so called 'fat-finger'-mistake, as they were based on an incorrectly entered quantity of 58 million units instead of the intended EUR 58 million. The majority of these orders were intercepted by CITI's internal trade control system. However, orders with a combined value of approximately USD 190 billion were forwarded for execution via CITI's algorithmic trading system. CITI's internal trading control system automatically generated 'Pop-up'-warnings that were displayed at the trader's screen, but these warnings were overridden by the trader and as a consequence the erroneous order was registered and transmitted to different marketplaces. In total, orders representing a notional value of USD 1.4 billion were executed prior to the trader's subsequent intervention, at approximately 10:10 a.m., to withdraw the outstanding unexecuted orders. Immediately following the execution of the aforementioned orders, Nasdaq Nordic identified an abnormal and significant decline in the prices of various financial instruments and indices, including, inter alia, shares, futures contracts, and exchange-traded products traded on markets operated by Nasdaq Nordic (hereinafter referred to as the 'Market Event'). The price drop persisted for a duration of approximately seven minutes before market prices corrected to approximately the same levels as before the Market Event. During the drop in prices, indices in Denmark, Finland, and Sweden fell by approximately 6.5 per cent, 7 per cent, and 8 per cent, respectively. Nasdaq Nordic's analysis indicated that CITI was the largest seller in the market and, thus, the party that triggered the Market Event. Subsequently CITI has taken the responsibility for the fact that the Market Event occurred. Soon after the Market Event was noticed by Nasdaq Nordic, Nasdaq Nordic tried to reach the person registered by CITI as the Head of Trading as well as other persons in order to notify of the Market Event that occurred and to find out more about the reasons that caused it. It was later revealed that the registered person did not hold anymore said position. Furthermore, it required several phone calls and correspondence to several persons between Nasdaq Nordic and CITI's organization to locate persons who were in charge of the trading and who would be able to provide explanation for the Market Event. Pre-trade controls and algorithmic trading activity According the Rules, 3.5.2 (4.5.2)* , the members shall have in place pre-trade controls on price, volume and value of orders and post-trade controls on their trading activities, as well as technical and administrative arrangements in place enabling it to cancel immediately, as an emergency measure, any or all of its unexecuted Orders submitted to the Exchange (Members kill functionality) as required by MiFID. Further, according to the Rules, 3.12.2 (4.11.2), the Member shall establish procedures for Algorithmic Trading which ensure that the risks associated with such Order placements are reasonable in relation to the limits which apply to the Member's activities and to its limits for delivery, settlement and, where relevant, clearing. The Disciplinary Committee firstly concludes in its decision that one of the principal objectives of the aforementioned provisions concerning pre-trade controls in algorithmic trading is to prevent the emergence of, or contribution to, disorderly market conditions. A central element of these rules is that a trading member's order submission system must be appropriately configured to suit the business it operates and in such a manner that it would prevent the sending of erroneous orders, such as so-called "fat-finger" mistakes, into the exchange's order book. The Disciplinary Committee emphasizes that it is the responsibility of the trading member to implement pre-trade control mechanisms that are both effective and proportionate, and that can prevent clearly erroneous orders from being submitted and transmitted by an algorithmic trading system to the order book. The members with individual trading systems are also in the best position to configure their individual control system to meet the required standards and it is not the Exchange's responsibility to establish specific thresholds or to propose certain design of a control system. In the present case, the Market Event was caused by the fact that a manually operated order entry system permitted an individual trader— acting as an authorized representative of CITI — to override multiple warnings issued by its internal control systems. Although CITI's internal controls successfully intercepted the majority of the erroneous orders prior to their entry into the market, the pre-trade controls in place were ultimately inadequate. This directly contributed to a significant market disruption and a serious trading incident. The Disciplinary Committee furthermore noted in its decision that the submission of the erroneous and high quantity orders was a result of a fully unintentional and quite easily recurring manual error of one single trader. It cannot be therefore deemed unreasonable to require that the pre-trade control systems in place should have prevented such an error. The Disciplinary Committee agreed with CITI's argument that merely the fact that CITI has enhanced its pre-trade control mechanisms after the incidence does not constitute as such proof of them being inadequate in the first place. These enhancements however demonstrate that there has clearly been room for improvement. The Disciplinary Committee further noted in its decision that, pursuant to the applicable rules, a member shall be held liable for all trading activity conducted via its electronic connection to the exchange's trading system, irrespective of whether such activity is carried out by an authorized representative of the member. As CITI has itself clarified, it is responsible for the Market Event and for meeting the required standards of the pre-trade controls. The Disciplinary Committee finally noted in its decision, when assessing pre-trade controls in algorithmic trading, Sections 3.5.2 (4.5.2) and 3.12.2 (4.11.2) should be considered together as whole. Based on the above reasoning, the Disciplinary Committee found that CITI had breached sections 3.5.2 (4.5.2) and 3.12.2 (4.11.2) of the Rules. Internal monitoring and handling of erroneous orders The purpose of the rules governing the monitoring of trading, in this case specifically Sections 3.5.3 (4.5.2) and 2.7.4 (3.7.4) of the Rules, is according to the Disciplinary Committee to identify during the trading potential issues in the conduct of trading members, particularly in relation to algorithmic trading. These rules are primarily designed to detect signs of disorderly trading and to enable timely and appropriate corrective actions, including immediate notifications to the Exchange and, where necessary, the potential cancellation of trades. The Disciplinary Committee noted in its decision that CITI's internal real-time monitoring function investigated the alerts triggered by its control system. However, the monitoring function only contacted CITI's trading desk at 10:31 CET, which was over 30 minutes after the incident was initiated by the trader and after the Market Event had started to escalate. Subsequently, over 30 minutes later, at 11:09 CET, the Exchange was informed of the reasons for the incident. Nonetheless, this information was not provided through contact initiated by CITI, but rather by the Exchange itself. Furthermore, at 14:08 CET, CITI fulfilled remedial action in the form of an application for the cancellation of trades, as late as approximately four hours after the Market Event. In light of these facts, and in the Disciplinary Committee's view, it is evident that CITI's monitoring function failed to effectively perform its duties in real-time monitoring of trading activity. The Disciplinary Committee further observed in its decision that, in such circumstances, a real-time monitoring function should have been capable of initiating contact with the Exchange at an earlier stage than was actually done. Based on the above reasoning, the Disciplinary Committee found in its decision that CITI had breached Sections 3.5.3 (4.5.3) and 2.7.4 (3.7.4) of the Rules. Trading member's contact information According to the Rules, 3.2.5 (4.2.5), the Member shall ensure that all information provided in Nasdaq's Member Portal is kept up to date at all times. CITI had stipulated that there was an error in regard to registered contact details and as such a breach of Section in question, but that as the erroneous contact detail was just one out of five potential contact points available for the Exchange, CITI does not consider it to be a material deviation from the Rules that warrants any disciplinary sanction. The Disciplinary Committee took in its decision into consideration the importance of the up-to-date contact details of Head of Trading, and found that CITI was in breach of the Rules, 3.2.5 (4.2.5), by failing to keep the information in the Member Portal up to date. Assessment of sanctions The Disciplinary Committee has found in its decision, in summary, that CITI has breached five Sections of the Rules. The most serious violation pertained to CITI's deficiencies in its pre-trade controls related to algorithmic trading, which enabled the submission of an erroneous and excessively large order that subsequently led to a significant market disruption and a severe trading incident. In light of this, the Disciplinary Committee regarded CITI's breach as a serious one. In its assessment, the Disciplinary Committee has considered the corrective actions taken by CITI following the incident as a mitigating factor. However, these post-incident remedial actions cannot be afforded substantial weight in the sanctioning assessment, as they represent measures that CITI was obligated to undertake in the first place. The Disciplinary Committee further noted in its decision that while the impact of the Market Event was, to some extent, less severe for Nasdaq Helsinki in comparison to Nasdaq Stockholm and Nasdaq Copenhagen, particularly with respect to changes in indices and the volume of orders and executed trades, this does not constitute a mitigating factor. The relative severity of the consequences does not diminish the seriousness of the violations of the applicable rules. The erroneous orders entered into the algorithmic trading system were still sufficiently large to cause significant disruption, thereby constituting a serious incident in Nasdaq Helsinki market. As a result of the same Market Event and CITI's breach of trading rules across multiple marketplaces, CITI has already been sanctioned, including a fine of SEK 6 million imposed by Disciplinary Committee of Nasdaq Stockholm. The Disciplinary Committee has in its decision considered the relevance of these multiple sanctions and emphasizes that each related Nasdaq Nordic exchange is a separate licensed entity with distinct obligations to supervise its local market. Also, CITI as a trading member is bound to applicable rules and sanctions when operating in each of the local markets. Consequently, the Disciplinary Committee concluded that although the regulations, rules and trading system are common across the Nasdaq Nordic markets, the sanctions already imposed to CITI cannot have substantial mitigating or commensurate effects in this case. The Disciplinary Committee further concluded that the breaches of the rules in question involve basic obligations for a trading member. The multiple rule violations, occurring in a short period of time, were of a severe nature and their consequences substantial in both size and volume. Although the incident was a result of human error, it also highlighted significant deficiencies in CITI's processes, systems, and controls. A system that allows consecutive warnings to be bypassed by a single trader demonstrates inadequate functioning of internal controls. Moreover, the failure to act in a timely manner exacerbates the situation. These failures undermine investor protection and erode the trustworthiness of the securities markets and the Exchange. In light of the above, the documentation provided, and the reasoning as a whole, the Disciplinary Committee concluded in its decision that a proportionate sanction to CITI consists of a reprimand and a fine of the amount of EUR 350,000. *Applicable rulebook at the time of the event was 'Arvopaperien kaupankäyntisäännöt, Nasdaq Nordic -säännöt, VERSIO 4.2 - Maaliskuu 2022'. The applicable section of the rulebook is followed by corresponding section number in the English version of the rulebook (named Nordic Member Rules) in the parenthesis.
