JPMorgan has received regulatory approval to finalise a joint
venture with Chinese futures house Zhongshan Futures. The deal
will allow the US bank to trade and clear derivatives in
China Securities Regulatory Commission (CSRS) approved the
partnership on 25 September.
The move follows previous unsuccessful attempts by FCMs to
enter into the China sphere through means of acquisition and
joint ventures. ABN Amro entered into an agreement with
Beijing-based futures brokerage Galaxy Securities which was
approved in late 2005 (see FO Week
12/12/05) but was
ultimately deemed unsuccessful when UBS washed its hands of the
deal after acquiring the Dutch bank's futures division some six
months later (see FO Week
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