China's brokerages pine for financial futures

China's myriad loss-making futures brokerages were hoping the value of their business licences will rise when financial futures are allowed by China Securities and Regulatory Commission (CSRC).

Despite commodity futures trading volumes rising by 45% last year (see FO Week Vol 10 No 4), many of the country's 189 brokerages have continued to lose money. Zhang Yisheng, chairman of Shenzhen-based Star Futures, estimated that about...