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China's securities body finds 1.06 trillion yuan error in CITIC Securities accounts

Wednesday, November 25, 2015 - 11:15
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China's securities association said on Wednesday CITIC Securities had inaccurately inflated its derivative business by 1.06 trillion yuan (S$233.4 billion) in a report submitted in September.

[SHANGHAI] China's securities association said on Wednesday CITIC Securities had inaccurately inflated its derivative business by 1.06 trillion yuan (S$233.4 billion) in a report submitted in September.

The news comes after probes into China's largest brokerage led four of its senior executives to confess to insider trading.

In its monthly report to the securities association, CITIC reported inaccurate numbers on its over-the-counter derivative business, the Securities Association of China said in a statement posted on its official website.

According to the statement, both new and terminated swap business between April and Sept were inflated by an accumulated 1.06 trillion yuan, although the error did not affect the month-end net size of the business.

The SAC did not accuse CITIC of any illegal behaviour and is investigating the matter.

CITIC was not immediately available for comment.

Beijing has been intensifying its probes into brokerage misdemeanors since stocks swooned in mid-June. Citic, along with several other Chinese brokerages, has been the subject of investigations.

REUTERS