Chinese Regulators Approves JV Between BGC Partners, China Credit Trust

Vanessa Doctor

13 July 2010

BGC Partners and China Credit Trust Co have announced that their proposed joint venture inter-dealer broking firm has been given the green light by the Chinese regulatory authorities to operate in Beijing.

China Credit BGC will be offering interest rate swaps, bonds, and interbank cash deposit products to Chinese and foreign banks in Beijing, the company said in a release. The deal is still conditional upon the approval of product licenses by the People's Bank of China.

"Beijing is the heartbeat of the market, as most Chinese banks are headquartered there. We are proud to offer Chinese and non-Chinese customers the unique combination of CCT’s expertise and market capabilities with BGC’s technology, liquidity, and global banking relationships," said Len Harvey, the executive managing director and general manager, Asia Pacific, for BGC.

China Credit BGC presently has twenty broking professionals, which it expects to double before the year ends.

China Credit Trust is a Beijing-based non-bank financial institution that offers financial services for the restructuring of businesses and engages in trust business, including money trust, equity, beneficial interest, bank credit assets assignments, and others. It is also involved in the securities business, as well as project financing.