Futures JV gets green light

ABN Amro Holdings has gained initial approval to set up China's first foreign-funded futures firm, the Dutch bank has announced. The government has given verbal approval to the proposed joint venture futures company with Beijing-based Galaxy Securities. Further details such as the shareholding ratio and capital contributions in the joint venture were not revealed. Foreign investors registered in Hong Kong or Macau have been allowed to own up to 49% of futures joint ventures with Chinese partners since August.