Credit Suisse First Boston, Deutsche Bank, HSBC and JP Morgan applied for licenses to trade derivatives on behalf of local Chinese companies and investors, according to the Financial Times. The four overseas banks have mainland China branches, giving them priority in entering the derivatives business. Other overseas banks with mainland braches and local Chinese banks are also allowed to apply. Overseas banks without mainland branches such as Morgan Stanley, UBS and Goldman Sachs are currently not permitted to apply for a license. China eased restrictions on derivatives trading in early 2004.