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Everbright releases report on trading error

By SHI JING in Shanghai | | Updated: 2013-09-09 16:24

The "fat finger" case in mid-August has resulted in a 523 million yuan ($85.47 million) loss for Everbright Securities, according to the brokerage's report handed in to the Shanghai Stock Exchange on Saturday.

The report makes for gloomy reading, especially in light of its competitors doing so well with Haitong Securities overtaking other brokerages with net profits of 180 million yuan.

The strategic investment department of Everbright Securities mistakenly sent huge buy orders, valued 23.4 billion yuan on Aug 16, lifting the benchmark Shanghai Composite Index up 5.96 percent in three minutes.

China Securities Regulatory Commission fined Everbright Securities 523 million yuan at the end of last month and barred the company's four executives from the industry for life.

CSRC also banned the company from proprietary trading for three months and suspended approval for new Everbright services.

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