Merrill Lynch reported in broker JV talks

With BNP Paribas, CLSA, and Goldman Sachs having mainland joint ventures already in place, Merrill Lynch which has been talking to regulators about buying a a 33% state in a Chinese stock broker was reportedly in discussions with Anhui-based Hua'an Securities, the South China Morning Post said, quoting unnamed sources. It was just to gauge their response, one source told the Post. "There has been no official submission." Another said the banker was not only talking to Hua'an.