The rapid fall of the 'Goldman Sachs of China'
The fall from grace for China’s biggest brokerage and investment bank, Citic Securities, has been fast and steep.
The Financial Industry Regulatory Authority (FINRA) has announced that it has censured and fined Merrill Lynch Professional Clearing (Merrill Lynch PRO) $3.5m for violating Regulation SHO, an SEC rule that established a regulatory framework to govern short sales and prevent abusive naked short selling.