China punishes 4 brokerages in crackdown on illegal margin financing
SHANGHAI, Sept 11 (Reuters) - China's securities regulator said on Friday that it would punish four brokerages for their lack of due diligence when connecting to external trading systems, in its latest effort to crack down on grey-market margin financing.
The four brokerages are Huatai Securities, Haitong Securities, Founder Securities and GF Securities.
The brokerages didn't collect information about the identities of clients who traded stocks through external systems connected to the brokerages, the China Securities Regulatory Commission told a press conference in Beijing.
The four will be fined. (Reporting by Joe Wu and Pete Sweeney; Editing by Richard Borsuk)
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