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China's banking regulator on Friday published detailed rules for the implementation of provisions to manage money brokers.
The detailed rules, altogether 40 articles in five chapters, stipulate requirements concerning market access of institutions and personnel involved in money brokerage, as well as financial regulation, said the China Banking Regulatory Commission.
The establishment of money brokerage companies is another innovation in the organization of China's financial industry, and the companies will play an important role in improving market services and the efficiency of market operations, lower the cost of trade and increase the liquidity at the capital market, according to the commission.
With the promulgation of the measures and detailed rules, the first batch of Chinese money brokerage companies is expected to emerge in the domestic capital market soon, the commission said.
The commission has recently approved the establishment of the country's first money broker Tullett Prebon SITICO (China) Ltd., a joint venture between British inter-dealer Collins Stewart Tullett and the Shanghai International Trust and Investment Corporation.
(Xinhua News Agency November 19, 2005)
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