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Alternative Market Briefing

Hedge fund Citadel suspends China account

Monday, August 03, 2015

Komfie Manalo, Opalesque Asia:

US-based hedge fund Citadel LLC said it has suspended one of its accounts in China amidst investigation by Chinese authorities to stem a stock market free fall, reported The Journal.

Chinese regulators have launched an investigation into automated trading and restricted 24 stock accounts that are believed to be involved in influencing stock prices. However the China Securities Regulatory Commission (CSRC) did not provide names of the firms it is investigating.

But Citadel said Sunday that one of its accounts involved in buying and selling securities for its clients is one of those being investigated by CSRC.

A Citadel spokesman said, "We can confirm that while one account managed by Guosen Futures Ltd. –Citadel (Shanghai) Trading Ltd.– has had its trading on the Shenzhen Exchange suspended, we continue to otherwise operate normally from our offices, and we continue to comply with all local laws and regulations."

The CSRC said it is currently probing more than 50 instances of suspected securities violations and violated their pledge not to sell down share holdings amidst the market free fall in China in June and early July.

The Chinese stock market crash began with the popping of the stock market bubble on June 12, 2015. A third of the value of A-shares on the Shanghai Stock Exchange was lost within one mont......................

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