Probe into Everbright鈥檚 system provider
Print Edition
Shanghai Mecrtsoft Tech Co, a provider of trading system to Everbright Securities, is reportedly being investigated after design flaws in the system were blamed for a wild swing in the Shanghai stock market last week.
Mecrtsoft said it is cooperating with the China Securities Regulatory Commission in the probe, Sina.com reported yesterday, citing an unnamed company official.
Everbright has said a failure in its order execution system, which was provided by Mecrtsoft, sent erroneous orders directly to the Shanghai Stock Exchange after flaws in its order-generating system unexpectedly place 26,082 buy orders in two seconds.
The brokerage blamed a failure of a set quota limit of 80 million yuan (US$13 million) in the order execution system for not stopping the massive erroneous orders.
The glitch had caused a sudden surge in Shanghai shares late on Friday morning and sent the Shanghai Composite Index, which then was lingering in the negative territory, to leap 5.9 percent in two minutes.
Mecrtsoft said it also provides trading systems to nearly 80 domestic brokerages, including Guangfa Securities, Orient Securities and Sinolink Securities, as well as mutual fund management companies.
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