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5 trading venues shut after failing inspections
Print Edition
Shanghai closed five trading venues after they failed inspections by the central government.
The local government said in a statement yesterday that 38 trading venues in Shanghai, including 14 trading exchanges, have passed inspections. But five trading facilities were closed. However it didn’t reveal the names of the venues or the reasons why they have failed the inspections.
The closures came following an order of the State Council, or China’s Cabinet, in late 2011 that aimed to regulate and supervise such trading facilities nationwide to fend off financial risks.
The nationwide cleanup has closed over 200 trading venues and clamped down on illegal trading. The persons responsible for the venues were held criminally liable for the activities, the securities regulator in Beijing said last Friday.
Financial products, including insurance policies, loans and gold, cannot be traded at trading venues without regulatory approval. Call auctions, continuous auctions, electronic matching, anonymous trading, market makers and any other forms of centralized trading are also banned at the venues.
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