Icap finally launches China JV
After years of talking about it, the world's biggest inter-dealer broker is ready to start doing business in China.
Icap and the China Foreign Exchange Trading System CFETS are set to launch a voice-broking joint venture in Shanghai after winning approval from China's regulator.
Nobody will accuse them of marrying in haste û the two parties first put pen to paper four years ago and have been crawling towards an agreement ever since. In the meantime, Icap's biggest rival, Tullett Prebon, signed up with Shanghai International and has been broking in China for more than eight months.
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