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Credit Suisse gets approval for China broking firm

Credit Suisse said its investment banking joint venture in China has won approval to provide securities brokerage services. The joint venture, Credit Suisse Founder Securities, is the first Sino-foreign firm to get approval to buy and sell shares on behalf of clients since China rewrote the rules for foreign participation in its securities industry in 2007. It comes at a time when trading in China’s volatile stock markets is providing strong returns to local brokers. The venture will be limited to providing brokerage in the country’s Shenzhen Qianhai development zone in the southern province of Guangdong. Foreign securities joint ventures in China mostly operate under restricted licences that limited them to underwriting equity offerings, rather than the potentially more lucrative business of buying and selling shares on behalf of clients. Credit Suisse said its joint venture is in the final stages of setting up its trading outlet in Qianhai, and is expected to start securities brokerage services early next year.

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