Tebon Securities gains control of Wuyang Futures

After obtaining the regulatory approval, Tebon Securities yesterday acquired an 88% in and thus gained control of Wuyang Futures Brokerage Co, which is now officially renamed as Tebon Futures Co. This marked an important step of the broker amid its preparation for the upcoming stock index futures business.

The former Wuyang Futures was registered in Hohhot of Inner Mongolia with a capital of 30 million yuan and has obtained the general participant qualifications with Dalian Commodity Exchange, Zhengzhou Commodity Exchange and Shanghai Futures Exchange.

According to Fang Jiachun, chairman of Tebon Securities, preparations for staff training, information system, intermediary business and risk management system have been under way. The new Tebon Futures is actively seeking capital injection, business license for financial futures and membership with China Financial Futures Exchange.