The news organisation also reports that UBS has won regulatory approval in China to trade derivatives involving local equities, paving the way for the bank to offer onshore structured products directly tracking stocks.
Chinese regulators last month decided to allow UBS to trade total return swaps, Thomas Fang, the bank’s managing director for equities derivatives sales for Asia, said in a phone interview. The bank will use the derivatives to create structured products tied to local stocks, with plans to boost the size of its staff in the country for the business, Fang said.
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