Not so much buyer beware as broker beware.
The Shanghai stock market suffered its worst day for six years on Monday after Chinese regulators tightened rules on margin trading.
On Friday the China Securities Regulatory Commission punished 12 mainland brokers over rule breaches on margin trading.
Before Friday, brokers were apparently hoping for a relaxation of rules regarding margin financing, including a reduction in the minimum assets held by would-be clients.
The reality, as is typical, came as something of a surprise twelve brokers punished, with Citic Securities, Haitong Securities and Guotai Junan Securities barred from taking on new...
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