Chinese Government Continues Shake-Up Of Brokerage Sector
According to reports in the regional media last week, the Chinese government
has selected an additional five 'favoured' brokerages, which will be granted
fast track approval for any new business avenues approved by the mainland regulators. The Hong Kong Standard reported on Friday that GF Securities, Shanghai Orient
Securities, Guosen Securities, Merchants Securities and Changjiang Securities
have been recognised by the Beijing authorities as some of the best managed
in the somewhat overcrowded brokerage sector. The newspaper went on to reveal that among the new opportunities likely to
be provided to the favoured brokerages ahead of their counterparts are the offering
of fixed-income services, and the ability to provide individual asset management
services. The government is keen to strengthen its financial sector and boost the Chinese
stock markets, and in addition to raising the bar for domestic brokers, has
recently allowed the entry of foreign firms such as Credit Lyonnais Securities
Asia and BNP Paribas into the market. .
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