Calyon Financial's hopes of building up its Asian presence were boosted after signing a joint venture to form a Chinese futures brokerage with Citic Futures within the next six months.
The agreement, signed by Citic and Calyon Financial Hong Kong could become the first futures brokerage in Shanghai, and second futures brokerage in China that is jointly owned by a Chinese firm and a Hong Kong brokerage firm. If approved, Citic will be the majority shareholder.
"This is part of our long term strategy which has taken...