The mainland banking regulator vowed to increase transparency in the money market by better overseeing the broking and trading activities as the yuan's global profile rises. The China Banking Regulatory Commission (CBRC) made this announcement as it released the first ever guidelines governing money brokerages and traders yesterday, a day after the country launched its second joint-venture money broker. Under the guidelines, money traders and brokers are required to control risk by setting up information disclosure and price-setting systems, including an assessment mechanism to evaluate a potential trading partner's credibility. The new rules 'aim to regulate brokerage and trading activities and ensure justice in the money market', CBRC said in a statement posted on its website. 'The banking regulators are doing utmost to make the country's money market more transparent, in tandem with the yuan's increasing importance in the world,' said a Shanghai-based banker with a US financial company who declined to be named. 'This is a sign that the unit is likely to see active trading in the future.' The CBRC said the guideline set rules more in line with international practice, including mandating that conversations about deals were recorded in case of disputes. On Thursday, the mainland launched a second money brokerage in Shanghai, in a further step to develop the money and derivative markets. Shanghai CFETS-Icap International Broking, a joint venture between the China Foreign Exchange Trade System and the world's largest interdealer Icap, reported turnover of 16.5 billion yuan in its first day. The new firm offers voice broking services to members of the Shanghai-based CFETS, an arm controlled by the central bank. Shanghai CFETS-Icap's only other domestic competition is Tullett Prebon Sitico (China), established by Tullett Prebon and Shanghai International Trust & Investment in December 2005.