State-controlled brokerage Everbright Securities (601788.SHA) resumed trading Monday after a trading error only to misprice a US$1.6 million (RMB 10 million) bond sale, The Wall Street Journal reported. The firm said it sold the government bonds at too high a yield and is working with its counterparty on the deal. Though the amount is relatively small, this immediately follows the beleaguered firm’s disastrous electronic trading error Friday which sent China’s stocks roiling and resulted in regulatory penalties. Shares in most brokerages fell Monday in the Shanghai stock market on fears that the China Securities Regulatory Commission could introduce tougher controls to limit operational risk.
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