China's Everbright Securities says trading system had problem, shares suspended

SHANGHAI Fri Aug 16, 2013 2:40am EDT

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SHANGHAI Aug 16 (Reuters) - Major brokerage Everbright Securities Co Ltd said in a filing to the Shanghai Stock Exchange that its trading system encountered problems Friday morning, following a dramatic 5 percent spike in domestic stock indexes that many suspected was the byproduct of a trading error.

Trading in the Chinese company's shares was suspended in the afternoon, according to a statement on the website of the Shanghai Stock Exchange.

"This morning, Everbright Securities strategic investment department's proprietary trading bureau had a problem when using its own arbitrage system," the statement said, adding that the company is investigating the issue.

The 21st Century Business Herald, a major Chinese business newspaper, reported in the afternoon that Everbright was applying to cancel all its morning trades.

(Reporting by Lu Jianxin and Pete Sweeney)

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