China Everbright Securities shares plunge after fine

The CSRC bans four executives and orders the brokerage to cease all proprietary trading activities (excluding fixed-income business) after error in the company’s trading system.
The CSRC criticised Everbright for risk hedging following the mistake, through a sale of Rmb1.85 billion worth of stocks as exchange-traded funds (ETF) and short-sold 7,130 futures contracts.
The CSRC criticised Everbright for risk hedging following the mistake, through a sale of Rmb1.85 billion worth of stocks as exchange-traded funds (ETF) and short-sold 7,130 futures contracts.
September 02, 2013

Shares in China Everbright Securities dropped by their 10 per cent limit on Monday after the brokerage was fined Rmb523 million ($85.5 million) for erroneous trades last month that caused a stock market jump.

¬ Haymarket Media Limited. All rights reserved.

Sign In to Your Account To Access Exclusive FinanceAsia Content!

Please sign in to your subscription to unlock full access to our premium FA resources.

Free Registration & 7-Day Trial
Register now to enjoy a 7-day free trial - no registration fees required. Click the link to get started.

Note: This free trial is a one-time offer.

Questions?
If you have any enquiries or would like a quote for a team or company licence, please contact us at [email protected]. Our subscription team will be happy to assist you.

Share our publication on social media
Share our publication on social media