UBS Enters China’s Financial Futures Market

by swisscham in Bank, Finance, Insurance

UBS Securities has agreed to buy a controlling stake in Shanghai Pumin Futures Brokerage in a move that will give the Swiss bank access to ChinaÕs burgeoning financial futures market. The UBS affiliate said it had regulatory approval to acquire a 95.42% stake in the firm and to invest RMB 90 million (USD 14.8 million) in the Chinese futures broker, underlining its commitment to the business. ÒWe hope to make available a financial futures brokerage service to our clients in the future and this complements our current offerings, including domestic equity advisory, QFII and RQFII brokerage, electronic trading strategy & execution and OTC derivative,Ó said Xia Yang, head of equities of UBS Securities. Shanghai Pumin will continue to operate under its own name, a source familiar with the situation said.

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