Securities watchdog justifies penalty
Print Edition
China’s top securities regulator yesterday said the penalty it had imposed on Yang Jianbo, the central figure in last year’s “fat finger” controversy that rocked the Shanghai stock market, was based on facts and laws.
It was the first official comment by the China Securities Regulatory Commission following the filing of a lawsuit against it by Yang, the former head of a trading unit at the Everbright Securities. Yang has denied insider trading charges and is demanding that CSRC revoke the punishment.
On Tuesday, the Beijing No. 1 Intermediate People’s Court accepted the lawsuit.
“The CSRC has not received a notice of Yang’s appeal but will cooperate with the court and provide related evidence,” Deng Ge, spokesman for the CSRC, said at a media briefing.
A design flaw in Everbright’s proprietary trading system triggered a deluge of orders that caused wild swings in the Shanghai stock market on August 16, with the composite index surging 5.9 percent in two minutes.
Yang and three former Everbright executives were fined 600,000 yuan (US$98,495) and banned from the securities industry for life. They allegedly traded in hedge funds before disclosing the glitch publicly.
Yang denied the insider trading charge because he said hedge trades were done with the knowledge of the Shanghai Stock Exchange, the China Financial Futures Exchange and the Shanghai bureau of CSRC.
But both exchanges denied Yang’s claim earlier this week.
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