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Chinese regulators turning up heat on illegal stock trades
http://atimes.com/2015/07/chinese-regulators-turn-up-heat-on-illegal-stock-trades/Chinese regulators turning up heat on illegal stock trades
Asia Unhedged on July 13, 2015
The Chinese securities regulator seems damned if it does, and damned if it doesn’t, police the stock market.
The China Securities Regulatory Commission (CSRC) on Sunday told brokerages to review trades and enforce rules that require the use of real names and national identification numbers.
“Chinese authorities have frantically tightened controls on trading while partly blaming illegal behavior for the 30% drop that has wiped out trillions of dollars worth of market value in just three weeks,” said Reuters. “The latest warning by the CSRC is meant to clamp down on a trick whereby a single investor controls multiple accounts — often registered under other people’s identification numbers — to bid the price of a stock up or down.”
On Sunday, the official Xinhua news agency reported that an investigation has led to certain brokerages being suspected of manipulating futures prices and other “malicious” trading.