Advertisement
JPMorgan gets China’s nod to operate first fully foreign-owned futures business
- The move comes as China pushes ahead with opening its multi-trillion-dollar financial market
- The China Securities Regulatory Commission says the approval will bring in more qualified foreign players
Reading Time:1 minute
Why you can trust SCMP
China on Thursday approved JPMorgan’s application to operate the first fully foreign-owned futures business, as the world’s second-largest economy pushes ahead with opening its multi-trillion-dollar financial market.
The latest regulatory approval for a US financial services company coincides with tension between Beijing and Washington, increased by the coronavirus pandemic and China’s move to impose security legislation on Hong Kong.
JPMorgan 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.
Advertisement
The China Securities Regulatory Commission (CSRC) said in a statement posted on its website the approval would bring in more qualified foreign players.
JPMorgan had no immediate comment.
China’s central bank on Saturday gave the final nod to a network clearing licence for an American Express joint venture, allowing it to be the first foreign credit card company to launch onshore operations in China.
Advertisement
Select Voice
Choose your listening speed
Get through articles 2x faster
1.25x
250 WPM
Slow
Average
Fast
1.25x