New York-headquartered Morgan Stanley will expand in mainland China with the establishment of a new futures unit.
The China Securities and Regulatory Commission (CSC) has allowed Morgan Stanley to set up a futures company in Beijing, according to a statement.
«In the next step, the [CSRC] will continue to deepen the opening up of the futures market, and support qualified overseas institutions to invest in domestic futures companies,» the regulator said after accepting Morgan Stanley’s application to set up the firm in April.
China Plans
According to a separate report, Morgan Stanley has decided to scale down its ambitions to expand in China.
The US lender has opted against building an onshore brokerage unit for the time being, instead making a smaller investment of about $150 million on derivatives and futures businesses.
