Tue, 13/07/2010 - 06:08
BGC Partners and China Credit Trust’s money broking joint venture, China Credit BGC Money Broking, is the first Sino-foreign joint venture inter-dealer broking company to have been granted a business license by the China Banking Regulatory Commission to operate in Beijing.
Pending approval of product licenses by the People’s Bank of China, China Credit BGC expects to offer interest rate swaps, bonds, and interbank cash deposit products to Chinese and foreign banks in Beijing.
Len Harvey, executive managing director and general manager, Asia Pacific for BGC, says: “Beijing is the heartbeat of the market, as most Chinese banks are headquartered there. We are proud to offer Chinese and non-Chinese customer the unique combination of CCT’s expertise and market capabilities with BGC’s world-class technology, liquidity, and global banking relationships.”
Shaun Lynn (pictured), president of BGC, adds: “BGC’s increasing global presence enables us to offer clients broad access to markets worldwide, while focusing on meeting each local client’s unique needs. Our relationship with CCT amplifies our commitment to serving the Chinese marketplace and to becoming the premier inter-dealer broker in the Asia Pacific region.”
China Credit Trust operates as a non-banking financial institution. The company offers financial services for the restructuring of enterprises and engages in trust business, including money trust, equity, beneficial interest, financial leasing, bank credit assets assignment, ESOP, and accounts receivable trust.
BGC Partners is an intermediary to the wholesale financial markets, specialising in the brokering of a broad range of financial products, including fixed income securities, interest rate swaps, foreign exchange, equities, equity derivatives, credit derivatives, commodities, futures, structured products and other instruments.
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