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CITIC Securities makes US$156b mistake in derivatives reporting
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CITIC Securities Co, China’s biggest brokerage, overstated some of its financial derivatives by more than 1 trillion yuan (US$156 billion) in monthly reports from April to September, the country’s securities association said yesterday.
The Securities Association of China said CITIC reported inaccurate numbers in statistical reports on over-the-counter equity swap deals partly carried out during the summer’s stock market rout.
The association, a quasi-regulatory body supervised by the China Securities Regulatory Commission, said it is investigating the matter, but has not accused CITIC Securities of any wrongdoing.
As the wrong figures were not included in CITIC’s quarterly financial filings, the brokerage’s reporting error has no impact on its reported earnings, an investor relations representative at CITIC said.
The over-the-counter derivatives figure was “a business indicator required by the regulator,” the person said.
In an e-mailed statement, CITIC said the error was caused by a system upgrade, and the figures were amended at the beginning of this month.
The issue emerged amid wide ranging investigations by the authorities into brokerage misdemeanors after China’s stock markets crashed in the summer.
Xinhua news agency reported in August that four CITIC Securities executives had owned up to insider dealing. The brokerage said the current size of its swap business is not larger than 40 billion yuan.
CITIC Securities’ Shanghai-listed shares closed down 0.7 percent yesterday, while the CSI 300 index of the largest listed companies in Shanghai and Shenzhen increased by more than 0.7 percent.
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