JPMorgan Gets China's Approval for First Fully Foreign-owned Futures Business

China approved JPMorgan’s application to operate the first fully foreign-owned futures business, as the world’s second-largest economy pushes ahead with opening its multi-trillion-dollar financial market. According to a story in Reuters news, JPMorgan sought full control of its China futures joint venture last December as Beijing moved to scrap caps on foreign ownership. The futures industry in China is currently dominated by local players. The China Securities Regulatory Commission (CSRC) said in a statement posted on its website the approval would bring in more qualified foreign players.