First wholly foreign-owned futures brokerage given green light

JP Morgan Futures granted debut licence to operate under newly relaxed ownership rules

First wholly foreign-owned futures brokerage given greenlight

(ATF) China’s top securities regulator announced Thursday that it has granted approval for JP Morgan Futures to become the country's first wholly foreign-owned futures trading firm.

The move aims to further liberalise China's futures market, said the China Securities Regulatory Commission (CSRC).

As part of the country's efforts to open its financial sector to overseas players, China removed ownership limits for foreign-invested securities companies, fund management firms and futures companies at the beginning of this year.

The CSRC said it will continue to deepen the opening-up of the futures market and introduce eligible foreign shareholders to futures trading institutions to facilitate their development.