[February 14] People living in China can now make or lose entire fortunes at the push of a button or the click of a mouse. The China Securities Regulatory Commission (CSRC) has certified 23 securities brokerages to trade online.
The approval marks the first time that brokerage houses have been allowed to trade online since the introduction of the Interim Regulations on Online Securities Brokerage in April 2000, the Feb. 12 Shanghai Zhengquan Bao (Shanghai Securities News) reported.
Since the publication of the regulations, many brokers have been experimenting with online trading. Twenty-three companies perfected online systems and were examined, evaluated and approved to go live, the article said.
The 23 companies include Eagle Securities, Guotai Junan Securities, Guosen Securities, CITIC Securities, Everbright Securities, Kaifeng Securities, Southwest Securities, Beijing Securities, Weishen Securities, Liaoning Securities, Guangfa Securities, Guangzhou Securities, Shenyin & Wanguo Securities, Haitong Securities, Minfa Securities, Shanxi Securities, China Communication Securities, Huafu Securities, China Galaxy Securities, Guangdong Securities, Pingan Securities, China Southern Securities and Capital Securities.
The CSRC requires that securities companies follow the regulations to reduce risks and protect investor interests. The companies must inform the CSRC of any major changes, including technical upgrades to online trading systems, as well as operational or management changes.
The 23 companies have also been asked to include a disclaimer on their home pages that reads, “Important notice: Our company is certified by the CSRC to conduct online securities trading. However, the certification does not imply that the CSRC provides any guarantees to the security or efficiency of our company business.”
