If the proposed changes come to force, Chinese brokerage houses will be eligible to take on twice as much debt in relation to their net assets, and will be given easier access to the capital markets to support expansion.
China may permit brokerages to buy spot gold and derivatives, financial and commodity futures, interest rate forwards and swaps, and encourage them to launch alternative investment products.
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Chinese brokerages such as CITIC Securities Co and Haitong Securities Co will need more developed capital markets at home and consolidation of their fragmented sector before they are likely to develop global scale and reach.
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By GlobalData
