china-ends-ban-on-foreigninvested-securities-firms

China ends ban on foreign-invested securities firms

The news gives new hope to international investment banks keen to keep up with first-mover Goldman Sachs.
The news on Wednesday that China will end a ban on new foreign securities firms and resume the issuance of licenses to securities companies, including joint ventures, is set to spark renewed activity by international investment banks that are fighting for a position in the lucrative Mainland market.

An announcement issued following this weekÆs meeting between US treasury secretary Henry Paulson and Chinese vice premier Wu Yi said new licenses may be issued from July onwards but contained few other details. The moratorium on foreign securities firms had been expected to be lifted in August, but until now there had been no official word from Beijing whether that would be the case.

Industry observers say...
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