JPMorgan Will Be the First Foreign Bank to Fully Own a Chinese Futures Subsidiary
China is loosening the restrictions on how foreign companies can participate in its financial markets, which are valued at tens of trillions of dollars, and the largest bank in the U.S. is moving quickly to take advantage.
The China Securities Regulatory Commission recently approved JPMorgan Chase's (NYSE: JPM) bid to fully own and operate a futures subsidiary in China. It will reportedly be the first completely foreign-owned futures business in the country.
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Source Fool.com
