Northern Securities halts brokerage ops

Shanghai-based, scandal-ridden Northern Securities has handed its brokerage operations to Orient Securities after irregularities were uncovered at the company, including alleged embezzlement of its clients' guarantee funds, state media reported, citing the China Securities Regulatory Commission. Besides Northern Securities, 15 other problematic securities houses have been closed down or taken over by other financial institutions in what regulators hope will accelerate reform in the brokerage industry.