Error costs Everbright millions
By Chen Jia | China Daily | Updated: 2013-08-31 08:14
4 executives banned from industry after computerized trading mistake
It took only three minutes. The operational error made by Everbright Securities two weeks ago has earned it a 523 million yuan ($85 million) fine from the nation's top securities regulator, for insider trading, release of misleading information, and muffed risk control.
That is the largest fine the regulator has ever given a securities brokerage in the history of the country's stock market.
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