China grants first cross-border OTC derivatives licence to Citic

Securities house becomes first onshore firm licensed to trade with offshore dealers

Opening trade routes: Citic move is first of its kind

Citic Securities, one of China's largest securities firms by assets, has been approved by the country's regulator to conduct cross-border over-the-counter derivatives business – a move that makes it the first onshore firm to gain direct access to international markets.

The China Securities Regulatory Commission (CSRC) first allowed securities players to trade OTC products in 2012, but it only recently permited cross-border trading with the Citic Securities authorisation. This was a major move

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