Brokerages allowed to run custody of funds
Source: Xinhua |
January 26, 2013, Saturday
|
Print Edition
Print Edition
CHINA will allow brokerage firms to provide custodian services for securities investment funds as it opens the door to more competitors in the multibillion dollar market, the securities regulator said yesterday.
Brokerages and other non-bank financial institutions have the talent and systems needed for fund custody and can offer differentiated services, the China Securities Regulatory Commission quoted one of its unidentified officials as saying in a statement.
But brokerages can't provide such services for fund companies they control, the official said.
Although several brokerages have been allowed to experiment with fund custodian services in China, the market is now open only to commercial banks.
Eighteen lenders acted as custodians for 1,100 mutual funds worth 2.37 trillion yuan (US$377 billion) as of the end of September, according to the CSRC figures.
Brokerages and other non-bank financial institutions have the talent and systems needed for fund custody and can offer differentiated services, the China Securities Regulatory Commission quoted one of its unidentified officials as saying in a statement.
But brokerages can't provide such services for fund companies they control, the official said.
Although several brokerages have been allowed to experiment with fund custodian services in China, the market is now open only to commercial banks.
Eighteen lenders acted as custodians for 1,100 mutual funds worth 2.37 trillion yuan (US$377 billion) as of the end of September, according to the CSRC figures.
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