biggest brokerage, Citic Securities, had overstated its derivative
business by $166bn (110bn pounds) from April to September, according to
the country’s securities association. The Securities Association of China said the firm inaccurately
inflated the amount of its equity swap transactions in a report
submitted in October.
Citic said the error occurred due to a system upgrade and has
Probes have resulted in executives confessing to insider trading
In September, shares of China’s largest state-owned brokerage
slumped after it reported that three executives, including its
president, were under police investigation.
The firm has been part of a crackdown by China’s regulators on
irregular stock trading since mainland markets plunged dramatically in