China has approved J.P. Morgan’s application to operate the first fully foreign-owned futures business in the country, reports Reuters.
J.P. Morgan reportedly sought full control of its China futures joint venture last December as Beijing moved to scrap caps on foreign ownership. The futures industry in China is dominated by local players.
The China Securities Regulatory Commission (CSRC) said in a statement posted on its website that it hopes that the approval would bring in more qualified foreign players.
The move is part of the world’s second-largest economy bid to open its multi-trillion-dollar financial market.
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