The "fat finger" case in mid-August has resulted in a 523 million CNY (85.47 million USD) 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 CNY.

 

The strategic investment department of Everbright Securities mistakenly sent huge buy orders, valued 23.4 billion CNY 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 CNY 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. 

Name

Email

Title

Comment

smaller | bigger

Subscribe via email (Registered users only)

I have read and agree to the Terms of Usage.

Write the displayed characters

Add Comment