US brokers poised to enter China market
Bear Stearns and JP Morgan next in line
Bear Stearns and JP Morgan plan to snap up stakes in Chinese securities firms to ensure they can participate in the country's financial futures market, which is due for launch in the coming months.
Bear Stearns plans a tie-up with Citic Securities, China's largest securities that will invest around $1 billion in Bear Stearns Securities for a 6% stake in the New York-based securities dealer. Meanwhile, Bear Stearns will buy $1 billion of Citic debt that would over time amount to a 2% stake in the
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