Trader’s appeal rejected
Print Edition
A BEIJING court yesterday rejected an appeal by a former trading executive of Everbright Securities after he was found guilty of insider trading following a trading error that caused wild fluctuations in the Shanghai stock market last year.
Yang Jianbo, the former head of Everbright’s strategic investment department, filed a lawsuit in February against China Securities Regulatory Commission, which had slapped him with a lifetime trading ban and fined 600,000 yuan (US$96,774).
The Beijing No. 1 Intermediate People’s Court rejected Yang’s appeal to overturn the ruling, a statement on the court’s official microblog reported yesterday.
On August 16, 2013, a flaw in Everbright’s systems for proprietary trading triggered 23.4 billion yuan of erroneous orders that caused wild movements in the Shanghai stock market, with the composite index surging 5.9 percent in two minutes.
Yang and three former executives of Everbright were accused of insider trading as they were allegedly involved in hedge trades before disclosing the error publicly.
The CSRC levied a record fine of 523 million yuan on the brokerage and punished the four Everbright executives, including Yang.
In his appeal, Yang argued that the trading mistake did not constitute insider information as reported in the media and that it was in line with normal hedging strategy.
Yang said he would continue to appeal.
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