Goldman Sachs(US:GS) Qi Huo Ri Bao Wang·2025-10-09 18:10Core Viewpoint - The internationalization of China's futures market is advancing, with foreign-owned futures companies making significant progress, exemplified by Goldman Sachs acquiring control of QianKun Futures [1][2]. Industry Development - The China Securities Regulatory Commission (CSRC) approved the change of actual controller for QianKun Futures to Goldman Sachs Group, which is now wholly owned by Goldman Sachs (China) Securities Co., Ltd. with an investment of 317 million yuan [1]. - As of now, there are four foreign wholly-owned futures companies in China: QianKun Futures, JPMorgan Futures, Morgan Stanley Futures, and UBS Futures [1]. - The removal of foreign ownership limits for futures companies in China took effect on January 1, 2020, ahead of similar changes in the securities and fund industries [1]. Business Expansion - Morgan Stanley Futures has recently been granted qualifications for financial futures brokerage, expanding its business scope to include both commodity and financial futures brokerage [2]. - The entry and development of foreign wholly-owned futures companies are expected to positively impact the internationalization, innovation, liquidity, and regulatory framework of China's futures market [2]. Market Impact - The presence of foreign wholly-owned futures companies is anticipated to diversify trading participants and investment strategies, enhancing market activity and liquidity, and improving price discovery efficiency [3]. - These companies' global commodity business strategies will help establish more representative price benchmarks for Chinese futures in international markets [3]. - The increased participation of foreign institutions is expected to enhance the authority of renminbi-denominated assets in international pricing [3]. Regulatory Considerations - The influx of international clients necessitates stronger compliance and regulatory measures, particularly in cross-border supervision, to prevent systemic risks while promoting the internationalization and high-quality development of China's futures market [3][4]. - The entry of foreign institutions is seen as a key driver for optimizing market structure, improving regulations, and enhancing international influence [4].