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Money brokers set to cash in soon

By Jiang Yan (China Daily)
Updated: 2005-08-12 06:10

China's first money broker is expected to take shape soon. But when it does, it will have to be a joint venture.

According to new regulations released yesterday by industry watchdog the China Banking Regulatory Commission (CBRC), top international money brokers with more than 20 years professional experience and at least two years in China are qualified to set up a money brokerage firm in China, on a trial basis.

However, they must find a qualified domestic partner a non-banking financial institution with more than five years experience as a dealer in the money or capital market.

Furthermore, both partners must have been profitable in the past three years, the rule said.

Money brokers emerged in the 1860s in other parts of the world. They are professional information providers and deal facilitators in the trading of bonds, capital products, financial derivatives and special commodities.

Internationally, they are an indispensable part of any world leading financial hub.

However, in China, their development is just starting.

There is already talk that leading international money brokers, in China for more than 10 years, are actively looking for opportunities.

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