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Everbright fined, income confiscated for insider trading in market glitch
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EVERBRIGHT Securities Co was identified as committing insider trading after massive erroneous orders from the brokerage stirred the Shanghai stock market earlier this month, China's top securities regulator said today.
The regulator confiscated the Everbright's unlawful income totaling 87.21 million yuan (US$14.2 million) and imposed a fine of 520 million yuan on the brokerage, the China Securities Regulatory Commission said in a media briefing after the market closed today.
Xu Haoming, who resigned as the company's president and director following the trading glitch, was fined 600,000 yuan and was given a lifetime prohibition from the securities market, the CSRC said.
The CSRC also barred Everbright from proprietary business, without specifying when the ban will be lifted, and suspended approval of new businesses for the brokerage.
A glitch in Everbright's system for proprietary trading trigged a deluge of orders that caused a wild movement in the Shanghai stock market on August 16, with the key composite index rocketing up to 5.9 percent in two minutes.
Everbright went on to sell 1.85 billion yuan of shares through exchange-traded funds and opened 7,130 lots of short positions in the stock-index future market.
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