The long-awaited Shanghai-London Stock Connect program is up and running.

The China Securities Regulatory Commission and the U.K. Financial Conduct Authority, the two countries’ securities watchdogs, made a joint announcement Monday of their approval of the program, which allows companies from both markets to raise capital in the other.

Under the program, eligible companies listed on the London Stock Exchange are able to issue Chinese depository receipts to Chinese investors and apply for their listings on the Shanghai Stock Exchange’s (SSE) main board, according to the announcement. Likewise, qualified firms listed on the SSE are able to issue global depository receipts to the U.K. and global investors and apply for their listings on the London Stock Exchange’s main market.

Initially, capital flow under the program is subject to a maximum cross-border quota, which includes an eastbound aggregate quota of 250 billion yuan ($36 billion) and a westbound aggregate quota of 300 billion yuan, according to the announcement.

Shanghai-listed brokerage Huatai Securities has become the first Chinese company to list in London through the stock connect program.

Related: Huatai Securities Wins Approval to Offer GDRs in London