China has announced an investigation made by a broker on transactions for a total of $ 2.87 billion mistake that resulted in a loss of $ 31 million for Everbright Securities, a financial company partly owned by the Chinese state.

Transactions involving billions of dollars have been affected as a result of a "faulty design" in the arbitration system of the firm Everbright Securities, the Chinese government has in part. The information comes from a press release of the Commission of market regulation (CSRC). A broker has launched a series of purchase orders up to 23.4 billion yuan, or about $ 2.87 billion.

This incident could undermine confidence in the Chinese market

If all transactions were not made, the orders placed have had an impact on the market: the bond of the benchmark has caused great confusion in the Shanghai Stock Exchange. This incident could undermine investor confidence in the Chinese stock market. Responsible for the CSRC, "we must consider this as a warning so that such problems do not happen again."

An investigation

While rumors of a "human error data entry" authority regulation currently announced it had opened an investigation. The Shanghai Stock Exchange opened Monday morning down 0.7%.