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Everbright Securities fined 523 mln Yuan
光大證券烏龍事件被罰5.23億元
Everbright Securities said Thursday night it has been fined 523 million yuan or 86 million US dollars by the CSRC.
The securities regulators had determined the August 16 trading glitch as insider trading by the brokerage.
The fine is five times what the brokerage gained from the August 16 incident, when the benchmark index shot up 5.6% for brief moments.
Four people directly responsible for the unintended buying orders are fined 600 thousand yuan each and got life-time trading bans.
The secretary of Everbright Securities' board is fined 200 thousand yuan for giving out wrong information. The Everbright fine is seen as large by Chinese market standards and shows a commitment to improve governance.
