HONG KONG — China’s securities regulator issued a fine of 523 million renminbi, or $85 million, on Friday against a brokerage firm whose erroneous trades caused a sudden but short-lived 6 percent increase in Shanghai’s main share index on Aug. 16.
The China Securities Regulatory Commission ruled that the abnormal trades conducted by the brokerage firm, Everbright Securities, had constituted ‘‘a number of legal and regulatory violations,’’ Xinhua, the state-run news agency, reported Friday. In addition to the fine, the regulator confiscated 87.2 million renminbi ($14.2 million) in illegal proceeds from Everbright and banned four staff members from the securities industry for life. It also ordered the brokerage firm to cease all proprietary trading activities for three months, according to a statement on the regulator’s website.
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Neil Gough, The New York Times via CHINA US Focus http://feedproxy.google.com/~r/ChinaUsFocus/~3/FnPbaVeIQEE/
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