Latest news with #DisciplinaryCommittee
Winnipeg Free Press
13 hours ago
- Sport
- Winnipeg Free Press
Canada coach Jesse Marsch downplays latest CONCACAF disciplinary proceeding
HOUSTON – Canada coach Jesse Marsch is downplaying a CONCACAF investigation into his actions during the Canadian men's opening game at the Gold Cup. Marsch told a news conference in Houston, in advance of Canada's game against Curaçao on Saturday, that the issue was of more interest to the media than the team. Noting that the disciplinary process was ongoing, he asked that questions focus on football. Saturday's contest marks the end of Marsch's two-game ban arising from a red card during the CONCACAF Nations league third-place game in March. But the coach remains in the spotlight, facing more disciplinary action initiated by CONCACAF after Canada's 6-0 win over Honduras on Tuesday in Vancouver. CONCACAF said its Disciplinary Committee is reviewing whether Canada and Marsch did not follow regulations involving suspended officials and whether offensive language was used toward CONCACAF match officials. The CONCACAF investigation reportedly focuses on where Marsch watched the game and language used when he was asked to move. TV showed Marsch in a B.C. Place Stadium suite, taking notes and watching, with a laptop in front of him, alongside other Canadian team officials. Assistant coach Mauro Biello ran the sideline in his absence. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. — This report by The Canadian Press was first published June 20, 2025
Edmonton Journal
2 days ago
- Sport
- Edmonton Journal
Jesse Marsch, Canada Soccer face discipline from CONCACAF for Gold Cup actions
Article content Marsch wasn't on the pitch for Canada's 6-0 win over Honduras at Vancouver's B.C. Place because he was serving the first of a two-match suspension. 'The Disciplinary Committee will review all available evidence, including official reports detailing that the CSA and its head coach disregarded regulations applicable to suspended match officials and used offensive language toward CONCACAF match officials,' the statement said. Marsch was ejected from a third-place game against the United States on March 23 in the CONCACAF Nations League. In addition to the automatic one-game suspension, Canada's coach was docked another game 'for unacceptable conduct towards the match officials and for delaying the restart of the match by refusing to leave the field of play.' The disciplinary committee warned Canada Soccer and Marsch at that time 'that more severe sanctions could be taken should incidents occur during future matches.' Marsch was sent off in the 54th minute of Canada's 2-1 win over the U.S in Inglewood, Calif., for protesting the lack of a penalty call by Mexican referee Katia Garcia. Canada's next Gold Cup opponent is Curacao in Houston on Saturday. The Canadian men conclude Group B play against El Salvador on Tuesday.
Fox Sports
2 days ago
- Sport
- Fox Sports
Canada's Jesse Marsch under investigation for Gold Cup rules violations
Concacaf has opened a disciplinary investigation into Canada head coach Jesse Marsch following claims of rules violations and using offensive language during Tuesday's 6–0 win over Honduras at the Gold Cup. The probe comes as Marsch is already serving a two‑game suspension for misconduct during a Nations League match against the U.S. in March, where he was ejected and later fined after refusing to leave the touchline and berating officials. Concacaf's Disciplinary Committee said Wednesday it is reviewing evidence that the Canadian Soccer Association (CSA) and Marsch "disregarded regulations applicable to suspended match officials and used offensive language toward Concacaf match officials" during the Honduras game. Concacaf has cautioned both Marsch and Canada that further violations "could result in more severe sanctions." Check out the top moments from this match between Canada and Honduras Marsch was not present on the sideline at BC Place in Vancouver due to his continued suspension, watching the game from a suite at the stadium. Assistant coach Mauro Biello managed the team in the win. Despite Marsch not on the sideline, Canada produced a dominating performance despite missing stars like Alphonso Davies and Stephen Eustáquio. Niko Sigur opened the scoring in the 27th minute, and Tani Oluwaseyi made it 2–0 before halftime. Tajon Buchanan tallied a brace, while Promise David and Nathan Saliba – the latter scoring his first international goal – completed the rout. With the win, Canada sits atop Group B and will play Curaçao on June 21 in Houston. Their final group game against El Salvador follows on June 24. Want great stories delivered right to your inbox? Create or log in to your FOX Sports account and follow leagues, teams and players to receive a personalized newsletter daily! recommended Get more from Gold Cup Follow your favorites to get information about games, news and more in this topic
Daily Maverick
11-06-2025
- Sport
- Daily Maverick
Bafana boss Hugo Broos continues to build his team amid Fifa sanction uncertainty
Bafana Bafana coach Hugo Broos used the most recent international window to expand his squad depth. However, the dark cloud of fielding suspended midfielder Teboho Mokwena in the most recent 2026 World Cup qualifiers still lingers ominously. Bafana Bafana's World Cup hopes are in the hands of global soccer's governing body Fifa following a farcical administrative bungle in March 2025. A 2-0 victory over Lesotho, followed by a win over Benin by the same scoreline, helped South Africa seize control of their Fifa 2026 World Cup qualification group a few months ago. Despite these solid displays that propelled South Africa's senior men's soccer side to first place in Group C (with 13 points to second-placed Rwanda's eight) — Bafana Bafana's fate remains in the balance. The team is likely to be retrospectively punished by Fifa for illegally fielding midfielder maestro Teboho Mokoena in the match against Lesotho. Costly error This despite the player being suspended after accumulating two yellow cards in the qualifiers — an automatic one-match ban. Mokeona's two cautions came against Benin (in 2023) and Zimbabwe in mid-2024. But Mokoena was present and called the shots in midfield as Bafana Bafana subdued Lesotho. South Africa's neighbours also missed this, until just before the Bafana versus Benin clash. Under Fifa rules: 'Protests must reach the Disciplinary Committee in writing, indicating the relevant grounds, within 24 hours of the end of the match in question. The 24-hour time limit cannot be extended.' However, whether or not a team lodges a protest, Fifa can itself take action. There are past examples of world soccer's governing body doing exactly that, including when Fifa docked three points from Nigeria during the 2018 World Cup qualifiers. The Super Eagles had fielded defender Shehu Abdullahi during a 1-1 draw with Algeria, despite the fact that he had collected two yellow cards from previous matches. The result was overturned and the Algerians were awarded a 3-0 victory for the oversight. Algeria did not lodge a protest. Waiting game During the South African Football Association's (Safa) recent appearance before the parliamentary oversight committee for Sport, Arts and Culture, the committee members grilled the association on the mistake. The members highlighted how the imminent Fifa sanction would be a major blow for the confidence of the players as they bid to qualify South Africa for its first soccer World Cup since 2010. Being docked points has the potential to derail the team's campaign and slash its abundant dressing-room morale. Hence the committee members wanted to know who was responsible for the mistake and what consequences they faced as a result. After some probing, Safa national executive committee member Poobie Govindasamy admitted that it was the responsibility of Bafana Bafana team manager Vincent Tseka to keep such records. Govindasamy hinted that the punishment handed to Tseka would depend on the final outcome to be announced by Fifa in due course. 'That matter is under investigation. When Fifa makes the decision only then (will Safa's) investigation be completed. The investigation is incomplete at the moment… We've not received the final word on it,' Govindasamy told Parliament. Broos builds While this whole storm around Mokoena rages on, Bafana Bafana's Belgian coach Hugo Broos used the most recent window to expand the depth of his team before the 2025 Africa Cup of Nations (Afcon), which will be hosted by Morocco in December. South Africa duelled with Tanzania on Friday, 6 June 2025. The game ended in a 0-0 draw. They faced Mozambique four days later, walking away with a 2-0 victory. Despite the mixed bag of results Broos said it was mission accomplished for this international window. The Belgian tactician was without a number of first-choice players — not least the Mamelodi Sundowns crew that is heading to the Club World Cup. Broos also rested other stars, such as Burnley striker Lyle Foster. In place of the missing faces, Broos brought in some new players to try to impress him. Orlando Pirates duo Mohau Nkota and defender Mbekezeli Mbokazi did exactly this as they made their Bafana debuts. As did Sinoxolo Kwayiba — who was one of the scorers in the victory over Mozambique. 'Everything is positive about the past few days. This is something that will make my job very difficult in the next few months when you see that we have 23 players (who played in this window). You know that there are still maybe another 23 who are with their clubs or who are at home. So that means we can choose now between 40 players,' Broos said. 'This will be difficult because you have to drop players in September (for the World Cup qualifiers), players who maybe deserved it. But I have to make choices, but this also means players will be more motivated because they know that there are guys behind them who are waiting to take their places. This will bring the level higher, certainly,' the 73-year-old coach stated. While the incompetence of others around him threatens to undo all his hard work, Broos is focused on the tasks at hand. One of those is delivering a competitive display at Afcon, the other is qualifying for the World Cup. Healthy competition in the team will help achieve these goals. DM
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.
