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China may issue 1st financial futures licenses in a month

(XFNA)
Updated: 2007-04-27 14:53

China's securities regulator is likely to issue the first licenses to trade index-based futures within the next month, the Financial Times reported.

Sources said that many of the country's 180 futures brokers have sought licenses since September as the China Financial Futures Exchange was formally opened in Shanghai.

An initial batch of 10 brokerages is expected to get the first financial futures licenses next month.

A regulatory source said trading in the first product - a contract based on the Shanghai Shenzhen 300 Index - would not start until June or July at the earliest.

"If they are not launched at that time, then they will be delayed until next year because they cannot be launched too close to the central committee congress in October," the source said.