In October, the China Securities Regulatory Commission (CSRC) canceled several approval requirements for securities companies. This move allowed traders to, among other things, conduct intermediary services for futures companies without first gaining the permission of the CSRC.
Also in October, the CSRC outlined regulations for the asset management arms of securities firms, paving the way for their participation in a sector which had long been dominated by trust companies. In July, the China Insurance Regulatory Commission permitted insurers to outsource asset management to securities firms and fund companies.
However, such services are unlikely to support the securities industry as a whole, Qian Qimin, deputy head of market research at Shenyin & Wanguo Securities, told the Global Times.
"Hongyuan Securities and GF Securities are leading firms in the industry and they may have their own advantages in some special areas. I expect the majority of securities companies to see disappointing results due to the poor performance of the equity market," said Qian.
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