Galaxy, ABN co-develop futures trade

Galaxy Securities, China's largest State-owned brokerage, has signed an agreement making ABN Amro its adviser in setting up a futures trading department, the 21st Century Business Herald weekly reported.

The agreement, signed in Washington, also provides for ABN-Amro to train Galaxy's staff in derivatives trading, the report said.

The two partners' planned futures trading joint venture, which could mark the first foreign move into the country's equity futures market, is still pending government approval, the official said.

Galaxy Security is currently waiting for the country's securities regulator's approval to buy an over-80-percent stake in Dalian Wanheng Futures Brokerage Co. Ltd., formerly the futures trading arm of the Dalian Commodity Exchange.

China Galaxy Securities Co. Ltd. is a nationwide comprehensive securities house formed by the securities business departments under China Huarong Trust & Investment Corp., China Great Wall Trust & Investment Corp., China Oriental Trust & Investment Corp., China Xinda Trust & Investment Corp. and China Life Insurance Trust & Investment Corp.

Galaxy has registered capital of 4.5 billion yuan with service outlets in 56 cities.

Source: Shenzhen Daily-Agencies