After accepting a three-month prop-trading ban for accidentally sending the Shanghai Composite Index from a 1% los to a 5.6% gain for a few minutes on Friday, the last thing Everbright Securities needed today was to fuck up again. Well…
Everbright Securities Co. suffered another trading mishap Monday, mispricing a bond sale three days after an erroneous trade sparked turmoil in the stock market and resulted in regulators banning the firm from proprietary trading for three months….
Everbright Securities said Monday it sold 10 million yuan ($1.6 million) of government bonds at too high a yield and is working with its counterparty on the deal. While the amount is relatively small and traders say such errors occasionally happen, the mistake came close on the heels of Friday's trading glitch.
In that case, Everbright Securities said it lost 194 million yuan after it accidentally bought shares worth billions of dollars. The trade triggered whipsaw moves in the benchmark Shanghai Composite Index Friday.