Regulator to check trading systems

The securities regulatory watchdog is to check brokerages' trading systems, after a system error at Everbright Securities caused massive fluctuations in the stock market on Friday.

China Securities Regulatory Commission said that the Ming Chuang high-frequency trading system was tailored for Everbright, and no other brokerages are using the system.

There are 17 brokerages and four futures companies using management software developed by Ming Chuang. None of them has the high-frequency trading function.