USEUROPEAFRICAASIA 中文双语Français
Home / China

Trading mishap reveals flaws in securities sector

By Chen Jia | China Daily | Updated: 2013-08-19 07:55

Design flaws in China Everbright Securities' trading system triggered an unexpected huge buy, causing the Shanghai stock market to rise more than 5 percent at noon on Friday, the top securities watchdog said on Sunday.

It was the first extreme and individual case since the establishment of a capital market in China, which raised red flags for the entire securities sector, the China Securities Regulatory Commission said in a statement.

The commission said an initial investigation showed that mistakes in application commands and failures of the payment quota control system led the securities company to send a 23.4 billion yuan ($3.83 billion) order to the Shanghai Stock Exchange and close deals valued at 7.27 billion yuan on Friday.

Trading mishap reveals flaws in securities sector

Today's Top News

Editor's picks

Most Viewed

Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US