Flurry of approvals for online brokerage licenses

Regulators have granted online brokerage licenses to a further 20 firms eager to participate in the burgeoning sector, Reuters reported, citing a list published on the Securities Association of China’s website. The government made its first approvals in August, granting five licenses to brokers including CITIC Securities, Guotai Junan Securities and Pingan Securities, according to media reports. Among the brokerages that received the new licenses were Soochow Securities, Shanxi Securities and China International Capital. Analysts noted that the approvals would put further pressure on broker commission rates.