综合一区欧美国产,99国产麻豆免费精品,九九精品黄色录像,亚洲激情青青草,久久亚洲熟妇熟,中文字幕av在线播放,国产一区二区卡,九九久久国产精品,久久精品视频免费

USEUROPEAFRICAASIA 中文雙語Fran?ais
China
Home / China / Business

Watchdog to boost regulations after Everbright's error

By Chen Jia | China Daily | Updated: 2013-09-07 08:13

China's top securities regulator is determined to improve market mechanisms and fill the gaps in the regulation system dealing with irregular transactions, after the unprecedented market chaos following Everbright Securities trading error three weeks ago.

After it decided on a final punishment for the securities company, the China Securities Regulatory Commission is reconsidering current regulations, which need to be improved, the commission's spokesman said on Friday.

"We will launch official regulations soon to clarify the definition of 'irregular transaction', strengthen the management of the relevant transaction system, improve the pre-trading control system, establish a mechanism that can cancel mistaken deals, and launch an information disclosure system for irregular transactions," the spokesman said.

Analysts and market observers said that the current regulation system may not be able to prevent similar irregular transactions or ones caused by accidental technological flaws at a time when "creative" financial models - including high-frequency trading - are common practice among securities companies.

Watchdog to boost regulations after Everbright's error

Everbright Securities Co Ltd was given its punishment last week - it was fined 523 million yuan and four of the brokerage's executive managers were banned from the industry. Long Wei / For China Daily

Three weeks ago, a bug in Everbright Securities' trading software generated 23.4 billion yuan ($3.79 million) worth of mistaken buy orders in the Shanghai Stock Exchange, and it finally completed transactions worth 7.27 billion yuan.

In response, the benchmark stock index jumped 5.96 percent within three minutes, which prompted many investors to buy stocks.

The securities company was given its punishment last week - it was fined 523 million yuan and four of the brokerage's executive managers were banned from the industry.

On Friday, Everbright Securities released a statement on its website saying that the trading error on Aug 16 caused 4.3 million yuan in losses.

"All the stock index futures that the brokerage bought that day to hedge risks have been closed by Friday," the company's statement said.

"After the incident, the company disposed of part of sellable financial assets that led to the big losses," the statement added.

Hu Yuyue, director of the Research Institution of Securities and Futures at the Beijing Technology and Business University, said that despite the brokerage's trading system flaws, the stock exchange's whole transaction mechanism and the CSRC's regulatory system also bear some responsibility for the ensuing market chaos.

"The current system allows securities companies to overdraw capital into investment accounts, which is the main reason why the huge orders were formed. That system should be stopped and we should build a risk isolation mechanism to prevent big mistakes," he said.

chenjia1@chinadaily.com.cn

Editor's picks
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US
泽普县| 三江| 广南县| 西充县| 启东市| 工布江达县| 楚雄市| 清水县| 岗巴县| 正镶白旗| 涞源县| 鄂伦春自治旗| 江永县| 北安市| 姚安县| 翁源县| 自治县| 湘阴县| 长寿区| 道孚县| 岑溪市| 成都市| 光山县| 开封市| 民勤县| 淳安县| 松原市| 贡嘎县| 梨树县| 宁波市| 东至县| 洮南市| 桃园县| 阿勒泰市| 溧阳市| 仁寿县| 房产| 宜川县| 增城市| 天长市| 邢台县|