In 2004, Wall Street leading investment bank Goldman Sacks set up an investment-banking venture with Beijing Gaohua Securities Co, becoming the first oversea firm to tap Chinese capital-market business.
In June 2006, UBS won approval to establish UBS Securities Co, revamped from troubled Beijing Securities Co. as the first China-Foreign joint venture with a stock-brokering license.
However the attempts by other investment banks, such as Merrill Lynch, Credit Suisse Group, and HSBC Holdings Plc were halted by the Chinese securities regulator. On September 14, China imposed a temporary ban on foreign acquisitions of brokerages. The government official said the purpose of the rules was to give domestic brokerages rooms to improve.
Interestingly, Wall Street seems very calm with this decision. “Any ban can only be temporary because China needs the expertise of foreign brokers to build up its capital market,” said Fraser Howie, author of a book on China’s stock markets.
Wall Street’s confidence is quite impressive.
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Hi,
5 days of rally in Indian stock market recommendation and again a crash. One day gap up opening next day just mirror reflection of it (Gap down). All points gained by nifty whipping out. Investors was thinking that they should reenter in the market and can take long positions but just see what happened. These kind of movement are called traps. Still we are expecting more short covering to come in 2-3 days.
But do remember overall market mood is bearish throughout the year. So invest money but for short term not for medium to long term. You will get much better opportunities to do so at more lower levels.
Thanks
Regards
ShareTipsInfo Team
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