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UBS sets up futures brokerage unit in Shanghai
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UBS Securities Co announced yesterday it has set up a new subsidiary in Shanghai to provide futures brokerages services, in the latest bid to diversify its business portfolio in China.
UBS Futures Co, the new entity, was established following the competition of the acquisition by UBS of a 95.42 percent stake in Shanghai Pumin Futures Brokerages Co.
With a registered capital of 120 million yuan (US$19.4 million), the company will engage in commodities futures broking services for institutional investors.
“We are excited to expand into the futures brokerage market which has strong growth potential,” said Xia Yang, chairman of UBS Futures. “Making available a futures brokerage service is a critical step for UBS to offer a full range of services to both domestic and overseas clients.”
The new company also plans to expand into financial futures brokering services to tap China’s fast-growing financial futures market.
In 2013, the trading volume of financial futures in China was 141 trillion yuan, accounting for 52.7 percent of the total trading volume of futures products.
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