China approves JPMorgan's fully foreign-owned futures business

Monday 22 June 2020 09:43 CET | News

China has approved JPMorgan’s application to operate the first fully foreign-owned futures business, according to Reuters.

JPMorgan reportedly sought full control of its China futures joint venture in December 2019. The futures industry in China is dominated by local players. 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.

The latest regulatory approval for a US financial services company coincides with tension between Beijing and Washington, increased by the COVID-19 pandemic and China’s move to impose security legislation on Hong Kong, the online publication added.

The approval for JPMorgan to roll out its futures business follows on from other licences the bank has received in the last six months to increase its shareholding in other financial services business in China.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: JPMorgan, futures, banking, China, payments licence, banking licence, US, China, payments
Categories: Banking & Fintech
Countries: China
This article is part of category

Banking & Fintech