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Broker probed after wrong order spurs index spike
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An erroneous trading order from China Everbright Securities has caused the Shanghai Composite Index to post the biggest intraday surge in more than four years this morning while securities regulators are looking into the case for possible misbehavior.
The proprietary trading department of China Everbright made a mistake in running its arbitrage trading system this morning, the brokerage said in a statement to the Shanghai Stock Exchange. It’s investigating the incident, the statement said, without specifying how the erroneous order was made.
The massive purchase orders, which focused on buying of blue chips such as PetroChina, Sinopec and large-sized banks, helped the index jump 5.6 percent in two minutes in late morning trading, the biggest intraday surge since March 2009. The index closed down 0.64 percent at 2,068.45 as of 3pm.
Officials from the China Securities Regulatory Commission have rushed to Everbright Securities to make an on-the-spot investigation, the 21st Century Business Herald reported on the website. The CSRC will hold a press conference this afternoon, it said.
During the morning session, about 12.1 billion shares of Shanghai Composite companies changed hands, versus 6.7 billion at the same time yesterday, data compiled by Bloomberg show.
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