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China Galaxy Securities is on the lookout for partners after breakdown with ABN Amro and its previously arranged JV.
“ABN Amro has failed in supporting Galaxy's futures business,” Zhu Li, chairman of China Galaxy Financial Holding, said during a mergers and acquisitions forum in Shanghai according to local reports.
The Dutch bank took a 40% stake in the Chinese futures brokerage, a deal approved late 2005, but only six months later just ABN sold its own futures division to UBS, which washed its hands of the affair.
“At our current funding level, the Commission is under serious strain. We lack the staff and resources necessary to both implement Dodd-Frank and continue to fulfil our pre-Dodd-Frank duties under the Commodity Exchange Act. Without additional funding, the strain will only become worse in July, when much of Dodd-Frank goes into effect.”
The CFTC's Michael Dunn pleads for Congressional support over the regulator's budget.