Mainland brokers shut out of own futures market turn to Singapore's China A50
Chinese brokerages ruing the collapse of futures trading in Shanghai are pitching clients similar contracts in Singapore.
"Goodbye, China Financial Futures Exchange; Hello, FTSE A50!" reads an advertisement by a unit of Shenzhen-based Essence Securities Co on the WeChat messaging service, referring to Singapore-traded futures on an index of the biggest mainland companies.
China's domestic equity futures market, ranked the world's busiest as recently as July, has seen volumes plunge 99 percent since June as policymakers curbed leverage and position sizes and announced investigations into "malicious" short sellers. That has left brokerages, which boosted staff numbers by 50 percent since 2011, turning to promoting contracts on the SGX FTSE China A50 Index as an alternative.
