BNP Paribas officials said it would apply for a derivatives license by June, according to a Chinese media report. The France-based bank reportedly plans to offer local customers fixed income and treasury products via the dealing room it recently opened in Shanghai. BNP Paribas? application would be one of the first since the China Banking Regulatory Commission passed its first regulation on derivatives, The Interim Rules on Derivatives Business of Financial Institutions. The regulation provides the first legal framework for derivatives trading in China.