bank: HSBC, one of the world's largest banking and financial services institutions, said it will be the first foreign bank to offer futures margin depository services to overseas investors trading iron ore contracts in China, according to Global Times China. The bank received a futures margin depository bank FMDB license from the Dalian Commodity Exchange DCE on Tuesday, which is the only exchange offering iron ore futures trading in China, according to a statement HSBC sent to the Global Times on Tuesday. File photo VCG As China's financial sector continues to open up, foreign companies are betting on opportunities that will arise in the country's expanding capital market, even as the economy faces downward pressure amid its economic transformation. With the license, HSBC can help overseas traders and brokers establish settlement accounts dedicated to futures trading. The DCE said on its official website on Wednesday that HSBC is the first foreign FMDB that the exchange has recognized since it opened trading to foreign participants last year. The accounts will facilitate margin deposits through in-bank transfers, the bank said.
(news.financializer.com). As
reported in the news.
Tagged under bank, futures topics.