JP Morgan to establish brokerage JV

JPMorgan Chase is set to establish a joint venture with Guangdong-based Zhongshan Futures Co to provide commodities-futures trading services, the Wall Street Journal reported. The venture will deal in commodities futures including agricultural products, metals and oil, and will give JPMorgan’s clients access to China’s three major commodity exchanges. JPMorgan hopes to expand the brokerage’s services into financial futures, though the government has not said whether it will allow foreign companies to offer such services. To date, China’s brokerage market has been dominated by domestic firms.