A computer system malfunction, rather than human error, has been identified as the cause of Friday’s trading problems at Everbright Securities that caused a flash rally in the Shanghai equity market.
On Friday morning the Shanghai Composite index jumped 5.6 per cent in a matter of seconds, amid rumours and speculation over a possible erroneous “fat finger trade”. The index ended the day with a loss of 0.6 per cent.
China’s stock market regulator has confirmed that a problem with Everbright’s automated trading systems sparked a flurry of buy orders from the brokerage and pushed some large-cap stocks up by their daily limit.
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