UBS Futures Co., Limited (UBS Futures China), owned by UBS Securities Co. Limited (UBS Securities China), has been launched in China to provide futures brokerage services for institutional investors.
Situated in Shanghai, the new entity called UBS Futures Co., Limited, has a registered capital of RMB120 million.
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The launch follows the approval by the regulator for UBS Securities to buy a majority shareholding in Shanghai Pumin Futures Brokerage Co., Ltd.
The firm said that UBS Securities is the first foreign invested securities firm in China with licenses to conduct a complete range of securities businesses.
Yang XIA, head of equities, UBS Securities China and chairman of UBS Futures China, said: "We are a market leader in QFII and RQFII trading and electronic trading businesses. We are committed to offering the most comprehensive range of services to both our domestic and overseas clients. Making available a futures brokerage service is a critical step to realizing this goal.
"As pointed out at the third plenum of the Party Congress, the Chinese government encourages financial innovation and aims to build a multi-layered financial market with more products. We expect new futures products to be introduced to the market soon," he added.
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By GlobalData
