Securities permit for JP Morgan
A Securities and Futures Business Permit for JP Morgan Securities (China) Co Ltd has been approved by the China Securities Regulatory Commission, the company said on late Wednesday.
The approval paves the way for JP Morgan's majority-owned and controlled securities company in China to commence business operations.
JP Morgan Securities becomes the second newly established foreign-owned securities firm to be allowed to start business in the country after the CSRC raised the ceiling on foreign ownership of Chinese securities businesses to 51 percent from the previous 49 percent as part of China’s efforts to open up its financial markets. The first was Nomura's majority-owned securities joint venture in China, Nomura Orient International Securities.
The securities company will provide a comprehensive set of financial products and services in China for its Chinese and international clients including securities brokerage, securities investment advisory, and securities underwriting and sponsorship.
"JPMorgan Chase is very pleased to have established our majority-owned securities company in China. We will continue to invest in and fully support our business in the country, which has become a critical market for many of our domestic and global clients,” said Jamie Dimon, chairman and CEO of JPMorgan Chase.
Nicolas Aguzin, chairman and CEO of JP Morgan Asia Pacific, said: "JP Morgan has been operating in China for close to a century and we take a long-term strategic approach to our business as we grow with China. The launch of JP Morgan Securities (China) Co Ltd is another important milestone in this critical market."