Securities firms gear up to offer custody in China
Domestic securities firms and locally incorporated foreign banks are jostling for sunshine fund business as the mainland's securities regulator awaits applications.
Chinese securities firms are making IT investment, business and recruitment plans as they prepare to apply to the securities regulator to enter China’s fund custody business. They intend to offer custody services initially to ‘sunshine’ private trust firms, the mainland’s equivalent of hedge funds.
Non-bank financial institutions such as securities firms received a green light to expand into custody under provisional rules issued by the China Securities Regulatory Commission (CSRC…
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