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Calyon Financial, owned by France's Credit Agricole, has signed the agreement through its Hong Kong arm with CITIC East China (Group) Corp, a CITIC Group unit, according to a joint statement issued yesterday.

No financial terms were disclosed, but the statement said that "CITIC East China will be the majority shareholder."

Chinese mainland authorities are encouraging Hong Kong-based financial firms to set up futures ventures with mainland counterparts under the Closer Economic Partnership Arrangement as part of bids to help the nascent market grow.

ABN Amro Holding NV last year formed the first Sino-foreign futures brokerage with China Galaxy Securities Co.

If regulatory approvals are obtained as scheduled, Calyon's JV will become the first of its kind to be based in Shanghai, the statement said.

The overall approval process is anticipated to conclude within three to six months.

Authorities may allow qualified foreign institutional investors to trade index futures contracts via local brokers, the China Securities Journal reported yesterday.

"The joint venture will give us the opportunity, at the appropriate time, to provide our institutional clients with entry to a fast-growing and promising market," Pierre Gay, managing director of Calyon Financial Asia, said.

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