A trading error was incurred on the Shanghai Stock Exchange that made stocks slumped to a six-week low. Everbright Securities Co, a state-backed company was responsible in the trading error which China's regulators said the first of its kind to occur in the country. Everbright erroneously made a total of CNY23.4 billion buy orders last August 16 that stirred the confidence of investors on the country's stock market.
Everbright Securities suspended the head of its proprietary trading division after the occurrence of trading error incident. The latter ignited the wildest Chinese stock swings the last four years which also prompted a regulatory investigation.
Yang Jianbo was responsible in overseeing trading of Everbright's own funds. He is also the head of the company's global markets prior his suspension. This was according to Yang through a phone interview done today. He said that he had been assisting the probe of the August 16 trading error incident. Among 20 proprietary traders, Yang Jianbo was the only one who got suspended.
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