Everbright president steps down after trading mishap

Xu Haoming stepped down as the president of state-controlled brokerage Everbright Securities (601788.SHA) Thursday after a trading error sent China stocks roiling earlier this week, Caixin reported. Xu’s position will be temporarily filled by board chairman Yuan Changqing, the brokerage said. The announcement came shortly after the securities firm suspended the head of its strategic investment department. The regulator and the company say the department was responsible for sending a huge amount of erroneous acquisition orders to the Shanghai Stock Exchange on August 16. The mistake pushed the market’s benchmark index up to 5.62% from its level the previous day.