JP Morgan agrees to form securities JV in China

If approved by the Chinese regulators, the joint venture with First Capital Securities will give the US bank access to China's primary equity and bond markets.

J.P. Morgan has signed an agreement to set up a securities joint venture with Chinese financial services firm First Capital Securities that will give it access to China's primary equity and bond markets. The joint venture is subject to regulatory approvals and will then also have to apply for an operating licence before it can start to do any actual business -- a process that can take up to a year.

If cleared by the regulators, the joint venture will make J.P. Morgan the sixth international bank to gain direct access to China's domestic markets, including the coveted business of underwriting A-share issues, after CLSA, Goldman Sachs, UBS...

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