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Ping An, Tradition Launch FX JV in China

Ping An Trust & Investment Co., a subsidiary of Ping An Insurance Company of China Ltd., has formed an international money broker firm with Swiss-based global interdealer broker Compagnie Financiere Tradition in southern China’s city of Shenzhen.

The new broker firm is the third Chinese money broker as well as the first of its kind in southern China, approved for operations by the Chinese regulator.

The venture will mainly operate inter-bank currency businesses, including both domestic and overseas foreign exchange trading, monetary market trading, bond and derivatives trading.

It will soon expand to other cities such as Shanghai and Beijing, Ping An says in a statement. The venture, is 33% owned by Compagnie Financiere Tradition, the world’s third-largest money broker, and 67% controlled by Ping An’s unit.

Icap, the world’s biggest money broker, and Tullett Prebon have both set up ventures in China, tapping rising demand for brokerage services in the country’s expanding money market.

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