COVER STORY - UBS rivals beat a path to China's door

Global banks striving for direct access to China's securities market should consider the trials of UBS. The Swiss investment bank was the last to squeeze through a tie-up with a domestic brokerage before Beijing introduced its embargo late in 2006. UBS has been very active in A-share listings since, but there is still plenty of room for improvement in its model, writes Elliot Wilson.