China Everbright Sec restricted from building new futures positions
SHANGHAI Aug 19 (Reuters) - China Everbright Securities has been restricted from building fresh stock index futures positions, according to an announcement published by the China Financial Futures Exchange late on Sunday, after a glitch in the brokerage's computer systems caused a spike of more than 5 percent in domestic stock indexes last week.
The China Securities Regulatory Commission (CSRC) said on Sunday that it would launch a formal investigation into Everbright as the brokerage apologised for the system glitch.
In a filing to the Shanghai Stock Exchange early on Monday, Everbright Securities said it had applied for an extension of a trading halt in its yuan-denominated A-shares on Monday. Shares were suspended no on Friday afternoon on the discovery of the error. (Reporting by Lu Jianxin and Kazunori Takada; Editing by Pete Sweeney)
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