(Bloomberg) -- China will set up an 800 million yuan ($104 million) fund to protect investors from failures at futures brokers, as it prepares for more trading in such contracts to spur capital market development.
Futures exchanges will contribute 15 percent of their reserves to the fund initially, and 3 percent of transaction fees they charge members every quarter in the future, the China Securities Regulatory Commission and Ministry of Finance said in a statement. The fund will start operation Aug. 1 and will invest in bank deposits and bonds.
Read more at Bloomberg Emerging Markets News
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