Crosby takes Shanghai seat

CROSBY Securities has become the first foreign brokerage to own and operate a trading seat on the Shanghai stock exchange.

The firm announced yesterday that it had reached agreement with the Shanghai Securities Exchange and its Shanghai broking partner Guotai Securities for the ownership and operation of its seat.

Backed by several mainland banks, Guotai is also one of the first brokers in Shanghai authorised to underwrite issue of B shares to foreign investors.

Company director Mark Martyrossian said offices were also being opened in Shenzhen and Manila.

He believed that China's equity markets would rank with the biggest in the region over the next five years.

The Shanghai Securities Exchange had granted the first batch of special seats to Standard Chartered Securities, Baring Brothers and Jardine Fleming.