Everbright Securities Co. (601788), the Chinese state-controlled brokerage besieged by falling profits and a regulatory probe, faces a further blow to its reputation after a trading error sparked the wildest swings in the nation’s stocks in four years. The China Securities Regulatory Commission has started an official investigation into Everbright, the watchdog said in a statement yesterday. The regulator has banned the brokerage from conducting proprietary trading from today to Nov. 18, according to a company statement. Everbright is barred from creating new stock-index futures positions starting today, according to ... (full story)