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China Issues Approval Procedures for Online Stock Trading
The China Securities Regulatory Commission (CSRC) recently approved in Beijing the procedures for securities brokers to begin online stock trading.
According to the procedures, the CSRC shall decide whether or not to accept a broker's applications within five working days and give a preliminary examination of the application within 30 working days.
The regulators will recruit experts for its approval committee, which will examine the applications, including technical solutions, and then render a decision.
Technicians and relevant officials from the applicant company will be invited to present their solutions before the committee.
Based on the opinion of the committee and conditions of the applicant firms, the CSRC shall make the final decision within three months of the receipt of the applications.
According to an earlier rule of the CSRC, securities firms must gain the regulators' approval before they can begin online trading.
It is estimated that online trading now accounts for one percent of China's total stock transactions.
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