JPMorgan Futures Becomes China’s First Foreign-Owned Futures Company
(22 June 2020 – China) The CSRC (China Securities Regulatory Commission) has approved an application from JP Morgan to take full control of its China futures business, making it the first fully foreign-owned futures business in China.
This will increase JPMorgan’s stake in the joint venture from 49 percent to 100 percent.
“China's futures market has experienced notable growth in recent years. With the country's continued liberalisation of its financial sector, we are committed to building out a world-class futures and options business in China that will support our global and local clients as their access to China's maturing futures market continues to increase,” said JP Morgan Head of Global Clearing for Asia Pacific David Martin.
“China represents one of the most exciting opportunities for many of our clients and our firm. We are aiming to have our full suite of global products and services to be delivered on the ground in China one day, and this latest development provides a fantastic opportunity for the firm and will enable us to further strengthen our onshore business capabilities in this critical market,” JP Morgan China CEO Mark Leung said.
China scrapped its foreign ownership limits for futures companies on 1 January 2020, as part of the gradual opening up of its financial sector to foreign players.
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