Stock connect scheme on track as Beijing approves top brokers
Beijing bolsters hopes cross-border trading scheme will begin on schedule with the granting of permits to at least 20 securities dealers
Several top mainland brokers have been granted licences to participate in the Shanghai-Hong Kong Stock Connect scheme, adding to investor confidence that the programme will start on schedule.
Beijing had approved the participation of at least 20 brokers on the mainland, including Central China Securities, Haitong Securities and China Galaxy Securities, in the scheme, the reported yesterday, quoting unnamed sources.
The Shanghai stock exchange had planned three mock trading trials to train participating brokers, the newspaper said. The first was conducted on October 6, with the second scheduled for Saturday.
Beijing has yet to press the start button for the widely anticipated cross-border stock trading scheme, which was first announced in April and has since kept regulators on both sides busy solving regulation, tax and holiday differences between the two markets to avoid potential problems.
There has been widespread anticipation that the scheme could begin on October 27. However, as protests in the city have dragged on into a third week, speculation has mounted it could be delayed.
The mainland authorities have yet to provide a clear launch date.
