Goldman Sachs(US:GS) Qi Huo Ri Bao Wang·2025-10-10 00:33Core Viewpoint - The development of foreign wholly-owned futures companies in China's futures market is progressing positively, with the recent approval of Goldman Sachs as the actual controller of QianKun Futures, indicating a significant step in the internationalization of the market [1][2]. Industry Development - The approval of Goldman Sachs as the actual controller of QianKun Futures marks the establishment of four foreign wholly-owned futures companies in China, including JPMorgan Futures, Morgan Stanley Futures, and UBS Futures [1]. - The removal of foreign ownership restrictions for futures companies in China began on January 1, 2020, ahead of similar changes in the securities and fund industries [1]. - Morgan Stanley Futures became the second foreign wholly-owned futures company in 2023, with its subsidiary officially starting operations in January 2025 [1]. Business Expansion - The recent approval of Morgan Stanley Futures' financial futures brokerage qualification expands 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 enhance 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, thereby increasing trading activity and liquidity in China's futures market [3]. - These companies are expected to help establish more representative price benchmarks for futures products in the international market and enhance the acceptance of RMB-denominated futures [3]. Regulatory Considerations - The increasing participation of international clients necessitates stronger compliance and regulatory measures, particularly in cross-border supervision, to prevent systemic risks [3][4]. - The entry of foreign wholly-owned futures companies is seen as a key driver for optimizing market structure, improving regulations, and enhancing international influence [4].