Refco, ABN lead rush

Regulatory guidelines clarifying rules on futures brokerage joint ventures between Hong Kong and mainland Chinese firms (see FO Week Vol 10 No 34) have resulted in global firms investigating opportunities or ramping existing Chinese negotiations.

ABN Amro, Refco, Tai Fook and Man Financial had previously flagged their intentions to enter or seek joint ventures while Merrill Lynch, CLSA and Goldman Sachs already have Chinese securities brokerage joint ventures and so could potentially expand quickly into futures. Asian futures brokerages Phillip Commodities, Kim...