China to ban banks, insurers from offering over-the-counter derivatives to individuals

3/12/2021 1:58:00 PM

China to ban banks, insurers from offering over-the-counter derivatives to individuals

China to ban banks, insurers from offering over-the-counter derivatives to individuals

BEIJING : China's financial regulators will ban banks and insurance firms from providing over-the-counter derivative trading products to individual clients, part of measures to step up risk control of the sector.Lenders and insurers will also be banned from providing derivatives trading services to corpor

BEIJING : China's financial regulators will ban banks and insurance firms from providing over-the-counter derivative trading products to individual clients, part of measures to step up risk control of the sector.Lenders and insurers will also be banned from providing derivatives trading services to corporate clients for non-hedging purposes, the People's Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange (SAFE) said in draft rules published on their websites on Friday.

Read more: CNA »

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LinkedIn BEIJING : China's financial regulators will ban banks and insurance firms from providing over-the-counter derivative trading products to individual clients, part of measures to step up risk control of the sector.Beijing has urged US business groups with interests in China to “speak out” and lobby the US government in its defence, warning that as bilateral relations deteriorate they cannot make money “in silence”..neither his country nor the United States could stand by if China attacked Taiwan.

Lenders and insurers will also be banned from providing derivatives trading services to corporate clients for non-hedging purposes, the People's Bank of China (PBOC), the China Banking and Insurance Regulatory Commission (CBIRC), the China Securities Regulatory Commission (CSRC) and the State Administration of Foreign Exchange (SAFE) said in draft rules published on their websites on Friday. Non-financial institutions will be banned from providing derivative products or products with derivative features, they said. Key business groups including the American Chamber of Commerce in Shanghai and the US-China Business Council, met Xie at a virtual forum on Tuesday, according to a transcript of his address. (Reporting by Samuel Shen, Kevin Yao and Cheng Leng; Editing by Toby Chopra) Source: Reuters .