On August 6th, at 20 13, 1 1: 06,1:07, within two minutes, the Shanghai Composite Index suddenly rose by 100, with a surge of 5%, with a turnover of about 7.8 billion yuan in two minutes. Bank stocks such as Industrial and Commercial Bank of China, Bank of China, Agricultural Bank and China Merchants Bank once had daily limit. China Petroleum and China Petrochemical also had daily limit. The madness of the market has also led to the skyrocketing of the main contracts of stock index futures. Then the market immediately fell back. As of midday, the market rose more than 3%. There are rumors in the market that someone directed the farce of the day through the self-operated channel of Everbright Securities, and said that all senior executives of Everbright Securities are not allowed to leave their posts for investigation by the Shanghai Stock Exchange, and Everbright Securities was temporarily suspended at noon. Since then, Everbright Holdings, the second largest shareholder of Everbright Securities, plunged nearly 6% in the afternoon. Everbright Securities issued a suggestive announcement saying that on the morning of August 16, 2065438, Everbright Securities Co., Ltd. (hereinafter referred to as "the company") had problems in using its independent arbitrage system in its self-operated business, and the company was carrying out relevant verification and disposal work. Other business activities of the company remain normal. The operator was once designated by the media as Ge Xinyuan's quantitative investment team of Everbright Securities. Mei Jian, secretary of the board of directors of Everbright Securities, pointed out that the company is currently conducting further transaction verification. As for whether it is Ge Xinyuan's quantitative investment team, Mei Jian did not directly confirm it, but only said that it would be further verified. Investors are very concerned about the compensation for investors' losses caused by market fluctuations in early trading. Mei Jian said that further discussions will be held, and if there are specific plans, they will be announced by way of announcement. The madness of the early market also made investors pay attention to the short main contracts of stock index futures. Some analysts said that the short position of today's futures index was 6.628 billion yuan, which was the biggest one since the stock index futures. On the same day, CICC responded that the futures trading of Shanghai and Shenzhen 300 stock indexes was normal and the system was running smoothly. The margin ratio of 65,438+02% is enough to resist the current market fluctuation, and there are no risk cases such as customer explosion. At the same time, the IF 1308 contract to be delivered on the same day is all normal, and the long and short sides have closed their positions in an orderly manner without any abnormality. Everbright Securities issued an announcement on June 5438+08, detailing the process and reasons of the "August 16" incident, saying that the losses caused by market making on that day were about 654.38+094 billion yuan, and it may face warnings or penalties from the regulatory authorities. The company will comprehensively review the management of the trading system. At the beginning of 1 month, many netizens reported that there was a major failure in the Everbright futures trading system. The kingstar trading system used by customers automatically sends out declarations and conducts transactions without the operation of customers. On August 9, 20 13, the fixed income department of everbright securities set an own goal, which led to its ultra-low price selling of 10-year government bonds. Everbright Securities sold 12 interest-bearing government bonds100000 yuan in the interbank market at a yield of 4.20% that morning. 12 interest-bearing treasury bonds 15( 1200 15) are 20 12 book-entry interest-bearing treasury bonds with a maturity of 10 on 2015. The counterparty is Agricultural Bank of China. Everbright Securities said on August 19 that on the morning of the same day, when the company's financial market headquarters clicked on the quotation of spot bond trading in the inter-bank local currency trading system, it mistakenly reported the selling price yield of "12 interest-bearing government bonds 15" bonds as 4.20% (about 25 basis points higher than the previous year's China-Japan bond valuation), and the bond denomination was 65438. Everbright Securities is communicating and negotiating with its counterparties. On the evening of August 20th, 20 13, Everbright Securities confirmed to the media that Yang Jianbo, general manager of the company's strategic investment department, had been temporarily suspended to cooperate with relevant investigations. On the same day, a notice was issued within the company to announce the news. At the same time, according to the previous announcement of Everbright Securities, the Shanghai Securities Regulatory Bureau suspended the securities proprietary business activities of the strategic investment department of Everbright Securities from August 19 to August 165438+ 10/0/8. Therefore, other staff of Yang Jianbo Strategic Investment Department also temporarily stopped working to cooperate with relevant investigations. The strategic investment department of Everbright Securities led by Yang Jianbo had an accident when using the independent arbitrage system on August 16, which caused Everbright Securities to declare 23.4 billion yuan of bills to the Shanghai Stock Exchange in a short time, and the actual transaction was 7.27 billion yuan, which also caused the Shanghai stock index to fluctuate greatly in a short time. On August 2013 19, everbright securities released the personnel appointment document, with Li Haisong, general manager of the company's risk management department, as the general manager of the strategic investment department. 2065438+On August 20th, 2003, Everbright Securities received the Notice of China Association of Interbank Market Dealers on the Self-inspection of the Main Underwriting Business Norms of Debt Financing Instruments of Non-financial Enterprises, saying that the recent abnormal trading events of Everbright Securities reflected the company's major problems in internal control compliance and risk management, which did not meet the requirements of the Association of Dealers that the main underwriting members should establish a sound risk management and internal control system, and decided to suspend its main underwriting business of debt financing instruments of non-financial enterprises. In order to maintain market order and ensure that the company regulates the business related to debt financing instruments of non-financial enterprises, China Association of Interbank Market Dealers requires Everbright Securities to take the following measures: 1. After the relevant problems are identified, the association will take corresponding self-discipline management measures for the problems existing in your company according to the self-discipline rules of the association and the management requirements of securities companies. Two. Your company should conduct self-examination on the business process, electronic system, internal control and compliance, risk management and personnel management related to the debt financing instrument business of non-financial enterprises, carefully find out the existing problems, and put forward corresponding rectification plans. Report the results of self-inspection and relevant rectification plans to the Association of Dealers before August 30th. Three. Your company shall continue to perform its obligations and responsibilities for the previously underwritten debt financing instruments until the duration of the debt financing instruments ends. Your company should coordinate the joint lead underwriter to take responsibility and earnestly perform relevant duties. 4. During the investigation and rectification, your company should strictly abide by the relevant laws and regulations and the association's self-discipline rules, standardize the development of various businesses in the interbank market, perform various obligations and responsibilities, and cooperate with the association's relevant investigation and self-discipline management. Everbright Securities was qualified as the lead underwriter of debt financing instruments for non-financial enterprises on 20 12 165438128 October. As this business is still in its infancy in Everbright Securities, up to now, Everbright Securities has realized a project income of about 540,000 yuan. On August 8, 20 13, the spokesman of CSRC reported on the emergency handling and preliminary verification of abnormal transactions of Everbright Securities on August 6 16. Shanghai Securities Regulatory Bureau has decided to take administrative supervision measures first, suspend related business, instruct the company to rectify and conduct internal accountability. China Securities Regulatory Commission decided to formally initiate an investigation on Everbright Securities, and deal with it seriously according to the investigation results and announce it to the public in time. The transaction is valid. 20 1 16 At about 0: 05 on August 6th, the Shanghai Composite Index suddenly rose by 5.96%, and the heavyweights such as PetroChina, Sinopec, Industrial and Commercial Bank of China and Bank of China all hit the daily limit. China Securities Regulatory Commission responded quickly to this, and organized Shanghai Securities Regulatory Bureau, Shanghai Stock Exchange, China Securities Depository and Clearing Corporation, China Financial Futures Exchange and other units to conduct emergency response and verification immediately. After verification, all trading and technical systems of Shanghai Stock Exchange are operating normally. After verification, it was found that the main buyer was the self-operated account of Everbright Securities. The Shanghai Stock Exchange immediately telephoned Everbright Securities and sent people to Everbright Securities for verification with the Shanghai Securities Regulatory Bureau. According to the application of Everbright Securities, its shares were suspended in the afternoon. After verification, it was found that the cause of the accident was a problem in the strategic trading investment system of Everbright Securities. The Shanghai Stock Exchange and the Shanghai Securities Regulatory Bureau immediately urged it to take measures such as announcing the situation, answering investors' inquiries and stopping the strategic trading investment system before troubleshooting. According to relevant laws and regulations, the stock market trading on August 16 was valid and could be settled smoothly, and the whole settlement system was operating normally. The problem lies in the preliminary verification. Everbright Securities' self-operated strategic trading system consists of two parts: order generation system and order execution system. There are design defects such as program call error and invalid quota control, which are triggered by the chain, resulting in a huge market order, which is sent directly to the Shanghai Stock Exchange. The cumulative declared purchase was 23.4 billion yuan, and the actual transaction was 7.27 billion yuan. On the same day, Everbright Securities converted the share of 65.438+0.85 billion yuan into ETF for sale, and sold 765.438+0.30 lots of stock index futures contracts. The spokesman said that no human error was found in the verification, but there were obvious defects in the internal control of Everbright Securities and many problems in the information system management. Strengthening supervision this incident is the first case since the establishment of China's capital market, and it is an extreme individual incident, but the problems exposed are enough to arouse the high vigilance of the entire securities and futures industry. The spokesman said that we must take this as a lesson, draw inferences from others, learn lessons, plug loopholes, improve the system, and resolutely prevent similar problems from happening again. Securities regulatory authorities and securities and futures exchanges should further strengthen and improve front-line supervision, improve regulatory systems and rules, ensure the safe, effective and standardized operation of the market, earnestly safeguard the openness, fairness and justice of the market, and safeguard the legitimate rights and interests of investors. On August 30, 20 13, a spokesman for the China Securities Regulatory Commission said that Everbright Securities knew the real reason for the change, but investors did not know. The company should have stopped trading and waited for inside information to be made public before short selling to avoid risks reasonably, but its specific behavior violated the principle of fair market trading. Therefore, it is considered that the company's conversion and sale of ETF and stock index futures contracts before the letter is put on the envelope constitutes insider trading. The CSRC has determined that the abnormal trading behavior of Everbright Securities 8. 16 has constituted a number of illegal acts, such as insider trading, misleading information, and violating the internal control management regulations of securities companies. At the same time, it also means that the response of Everbright's secretary-general misled the public. The CSRC imposed a life-long ban on the four decision-making responsible persons Xu, Yang Chizhong, Shen and Yang Jianbo, confiscated the illegal income of Everbright Securities of 872 1 10,000 yuan, and imposed a five-fold fine amounting to 523 million yuan, the largest fine in the history of securities. In addition, the CSRC also stopped Everbright Securities from engaging in securities proprietary business (except fixed-income securities), ordered Everbright Securities to rectify, and imposed penalties on the relevant responsible persons. The abnormal trading event of Everbright Securities is the first extreme individual event triggered by trading software since the establishment of China market, which has had a great negative impact on the market. In view of the fact that the case belongs to a new type, on the basis of in-depth investigation, the CSRC organized external experts to demonstrate and consult the issue. The investigation and trial has ended, and it has entered the prior notification procedure, and the next step will be to make a decision on punishment. However, the Everbright Securities incident has caused serious losses to investors, and investors can file a lawsuit for compensation according to law. After the "8. 16" incident of Everbright Securities, the lead underwriting business of debt financing of non-financial enterprises was also suspended. Yang Jianbo, former general manager of the Strategic Investment Department, was also suspended, and President Xu resigned on August 22nd. According to the investigation disclosed by the spokesperson of the CSRC, Everbright Securities made a profit of 74140,000 yuan by selling ETFs and shorting stock index futures before publicly disclosing the wrong orders in August 16. After the disclosure, we continued to short to avoid risks, earning13.07 million yuan and 872 10/0.00 million yuan. The spokesman warned Xu, Yang Chizhong, Shen and Yang Jianbo respectively, fined them 600,000 yuan, and banned them from entering the securities market for life, and announced that they were prohibited from entering the futures market. Mei Jian, secretary of the board of directors, was ordered to make corrections and fined 200,000 yuan. Stop Everbright Securities from engaging in securities proprietary business (except fixed-income securities), suspend the examination and approval of its new business, order the company to rectify, and punish the relevant responsible personnel. In the next step, the CSRC will make a formal punishment decision in accordance with legal procedures. The illegal income of Everbright Securities was 872,654,38+0,000 yuan, and a fine of 5 times was imposed, amounting to 523.28 million yuan. In addition, Everbright Securities was stopped from engaging in securities proprietary business (except fixed-income securities), and was ordered to rectify and punish those responsible. Everbright Securities incident has caused serious losses to investors, and investors can file a lawsuit for compensation according to law. A spokesperson for the China Securities Regulatory Commission said that the strategic trading investment department of Everbright Securities was not included in the company's risk control system. The trading system was put into operation on July 29th for only 15 trading days, and the order reorder function of the system has never passed the real offer test. On that day, the re-ordering function directly caused the wrong order event. On 201165438+10/4, everbright securities announced that Xu, the former president of everbright securities who was directly responsible for the insider trading of everbright securities ETF, Yang Chizhong, assistant to the former president of other directly responsible personnel, Shen, general manager of the former planning and finance department, and Yang Jianbo, general manager of the former strategic investment department, respectively gave warnings and fined 300,000 yuan. Xu, the person in charge directly responsible for insider trading of stock index futures of Everbright Securities, and Yang Chizhong, Shen and Yang Jianbo, the other persons directly responsible, were given warnings and fined 300,000 yuan. The above two fines totaled 600,000 yuan per person. The CSRC ordered Mei Jian, the former secretary of the board of directors, to correct the misleading information and imposed a fine of 200,000 yuan. On the same day, the CSRC issued a market ban decision, and decided to ban Xu, Yang Chizhong, Shen and Yang Jianbo, who are responsible for insider trading, from entering the securities market and futures market for life. "When Everbright Securities conducted ETF arbitrage trading, due to procedural errors, the strategic trading system it used consisted of a huge purchase of 23.4 billion yuan 180ETF, and the actual transaction was 7.27 billion yuan" as inside information. Everbright Securities converted its shares into180tf and 50tef on the afternoon of August 6th, 20 13, and sold 6,240 short stock index futures contracts IF 1309 and if1312 * on the afternoon of August 6th. Since 20 13 and 12 years ago, investors have sued China Everbright Securities Co., Ltd. for disputes over the responsibility of insider trading in securities/futures, all of which have been brought to Shanghai No.2 Intermediate People's Court. 2065438+On February 26th, 2004, Beijing No.1 Intermediate People's Court publicly pronounced two cases of plaintiff Yang Jianbo v. defendant China Securities Regulatory Commission's administrative punishment and market ban, and both cases rejected Yang Jianbo's claim. Yang Jianbo refused to accept the appeal. 2065438+In May 2005, the Beijing Higher People's Court ruled that the appeal was dismissed and the original judgment was upheld. 2065438+On September 30th, 2005, Shanghai No.2 Intermediate People's Court made a first-instance judgment on the first batch of eight cases of the same type, rejected the claims of two investors, and six investors were awarded civil compensation ranging from 2220 yuan to 200980 yuan. 20 15123, Shanghai No.2 Intermediate People's Court made a first-instance judgment on 23 civil claims for insider trading of Everbright Securities Co., Ltd.: After the investor applied for withdrawal, the court approved 5 cases, and the remaining 18 cases were judged separately, supporting the investor to compensate more than 660,000 yuan. 523 million Everbright Securities announced last night that it had received the "Decision on Administrative Punishment" from China Securities Regulatory Commission. Everbright Securities was finally found to have insider trading in the "816" incident and was fined 523 million yuan.