Wall Street firm Morgan Stanley has applied to establish a wholly-owned futures business in mainland China.
The application was acknowledged by the China Securities Regulation Commission.
Should it be successful, Morgan Stanley will become only the second foreign-owned futures company in China after JP Morgan, which was approved in 2020.
China’s futures market is estimated to be worth over US$75 trillion.
News of Morgan Stanley’s application comes just weeks after being given permission to take full control of its mutual funds venture.
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