Citic Securities said in $166bn error

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China's biggest brokerage, Citic Securities, had overstated its derivative business by $166bn from April to September, according to the country's securities association.

BBC News reports that the Securities Association of China said the firm inaccurately inflated the amount of its equity swap transactions in a report submitted in October.

Citic said the error occurred due to a system upgrade and has been corrected.

Probes have resulted in executives confessing to insider trading at Citic.

In September, shares of China's largest state-owned brokerage slumped after it reported that three executives, including its president, were under police investigation.

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China's biggest brokerage Citic in $166bn error

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