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.

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