Nod to futures tie-up

US investment bank JPMorgan Chase & Co yesterday said it has obtained the approval of China's securities regulator to establish a joint venture with a Chinese futures brokerage firm, the first joint venture to trade commodity futures and the proposed index futures.

The proposed firm will be owned by JPMorgan and Zhongshan Futures Co, a futures brokerage company with a registered capital of 30 million yuan, based in South China's Guangdong Province.

The shareholding ratio between the two parties is yet to be fixed. Other details of the transaction will not be available until the Chinese partner calls a shareholders' meeting, said Jiang Xuehong, general manger of Zhongshan Futures Co.