President Of Brokerage Involved In Epic Fat-Finger Trade Resigns After Massive Loss

Xu Haoming, the director and president of China Everbright Securities has resigned.

Everbright Securities was the cause of the fat finger trade we saw last Friday that caused a 53% surge in trading volumes on the Shanghai Composite.

The Shanghai Composite went from being down 1% to up 5.9% in a matter of three minutes. Everbright took a total loss of 196 million yuan during the trading on August 16.

The China Securities Regulatory Commission (CSRC) said the buying frenzy was because of flaws in the brokerage’s computer system.

Trading of CES shares were suspended on Thursday at 1 p.m. local time and are expected to resume on Friday.

Yuan Changqing, board chairman of the company is taking over as interim president.

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