A rumor has spread that a Taiwan team working for Everbright Securities Co Ltd was responsible for the trading error that triggered a surge in the mainland's stock market on Friday by placing a wrong order in the system, the 21st Century Business Herald reported.

A computer-simulated order was entered in the real-time operations by the team in the company's trading platform and caused the benchmark Shanghai Composite Index to gain 5 percent within two minutes, the newspaper said, citing a source at the company.

The source said that the transaction was a test that shouldn't have been conducted in a live trading system.