Citigroup Global Markets has been fined €60,000 by Italy's financial services regulator for a violation of the country's 2009 ban on short selling.

The Commissione Nazionale per le Società e la Borsa, or Consob, said this week that the US bank was guilty of a partial failure to deliver some of the shares of property group Pirelli & C Real Estate in June 2009. Consob said the trade was in violation of a rule banning the naked short selling of shares in a listed company in the midst of raising capital.