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UBS to buy majority stake in futures firm
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UBS Securities Co will acquire a majority stake in a Shanghai-based futures brokerage as it bids to tap China’s fast-growing financial futures market.
UBS Securities will hold 95.42 percent of Shanghai Pumin Futures Brokerage Co after a capital injection of 90 million yuan (US$14.9 million), UBS said in a statement yesterday.
The acquisition has been approved by the regulator.
“We are excited to expand into the futures brokerage market which has a strong growth potential,” said David Li, chairman of UBS Securities.
In 2013, the trading volume of financial futures was 141 trillion yuan, accounting for 52.7 percent of the total futures products trading size, UBS said in the statement.
The acquisition will add a financial futures brokerage service to UBS’ current portfolio in China, including domestic equity advisory business, Qualified Foreign Institutional Investor and Renminbi Qualified Foreign Institutional Investor schemes, electronic trading strategy and execution as well as over-the-counter derivatives.
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