Deutsche Bank plans to add its name to the growing list of international shops applying for an onshore derivatives license in China in the coming weeks. The move to boost the bank's capabilities in the Mainland stems from the impending transfer of Feng Gao, former head of integrated credit trading in Singapore, who will assume the new role of co-head of global markets for China in Shanghai (DW, 4/18). Gao declined comment.
BNP Paribas, Citigroup, Credit Suisse First Boston, HSBC, JPMorgan and Standard Chartered have already applied for licensing via their onshore banking branches. The licenses are part of a re-writing of the regulations by the China Banking Regulatory Commission earlier this year that will allow international firms to deal directly with Chinese end users (DW, 4/18).
