China approves JPMorgan as first fully foreign-owned futures company

[HONG KONG] China's securities regulatory said on Thursday it had approved JPMorgan Futures as the first fully foreign-owned futures company in the country, and that it would bring in more qualified foreign shareholders as it further opens up the market.

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 currently dominated by local players. 

REUTERS