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China will issue the first batch of licenses to financial institutions involved in stock index futures businesses in July, according to Guangzhou Daily.
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Addressing a financial summit during the 10th ChinaBeijingInternational High-tech Expo, Fan Fuchun, vice chairman of CSRC, said preparation work is still underway for the China Financial Futures Exchange. When that is completed, the stock index futures will be launched.
Although dozens of futures companies and financial institutions have submitted the applications for the licenses, only 10 general clearing participants (GCP) are under approval.
Currently, the regulator has not issued financial futures licenses or broker (IB) business qualifications.
The handful of GCPs is a problem if the first batch of licenses is issued in July, said the source close with CSRC. He estimated the total number of GCPs should be 40.
Some earlier media reports said the regulators would try to launch the stock index futures in the first half of this year. But officials at the futures exchange said they would start training staff this month until the end of June. Companies which have completed the training and have been awarded licenses will be qualified to buy and sell stock index futures, meaning the launch of the futures will be sometime in the second half of this year.
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