UBS Securities has agreed to buy a controlling stake in Shanghai Pumin Futures Brokerage in a move that will give the Swiss bank access to China’s burgeoning financial futures market.
The UBS affiliate said it had regulatory approval to acquire a 95.42% stake in the firm and to invest Rmb90 million $14.8 million in the Chinese futures broker, underlining its commitment to the business.
“ We hope to make available a financial futures brokerage service to our clients in the future and this complements our current offerings, including domestic equity advisory, QFII and RQFII brokerage, electronic trading strategy execution and OTC derivative,” said Xia Yang, head...
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