HONG KONG — Morgan Stanley has won final approval to launch a futures business in China via a newly established unit, becoming the second major US entrant in the derivatives market of the world's second-largest economy.
HONG KONG — Morgan Stanley has won final approval to launch a futures business in China via a newly established unit, becoming the second major US entrant in the derivatives market of the world's second-largest economy. Morgan Stanley Futures , wholly owned by the US bank, was for the first time listed as a licensed institution by the China Securities Regulatory Commission on Friday, a filing from the regulator showed.
A company spokesman confirmed the approval, which permits the US bank to serve domestic clients or cater to the demand of offshore investors under China's qualified institution program.'We will continue to work closely with relevant regulators and futures exchanges, and we look forward to launching the business soon,' the firm said in a statement to Reuters.Rival JP Morgan Chase & Co. became the first sizable foreign bank to fully own a futures unit in China in 2020.
Oks Morgan Stanley's Local Futures Unit
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