Securities Association of China: Brokerage Citic Securities makes a $166bn error
China's biggest brokerage, Citic Securities, massively overstated the value of its derivatives business according to the country's security association.
The Securities Association of China (SAC) said today that a monthly report submitted to it by Citic contained inaccurate figures.
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The statement said new and terminated swap business between April and September were inflated to the tune of $166bn (£110bn), although the error did not affect the month-end net size of the business.
The SAC, a quasi-regulatory body supervised by the China Securities Regulatory Commission, did not accuse Citic of any illegal behaviour and is investigating the matter.
Shares in the brokerage were largely unmoved by the announcement.