Morgan Stanley Gets Nod to Open China Futures Business

What’s new: Morgan Stanley has gotten the green light to set up shop in China’s multitrillion-dollar futures market.

The China Securities Regulatory Commission (CSRC) said in a statement Friday that it had approved the U.S. financial giant to establish a Beijing-based futures company, after accepting its application in April.

The subsidiary would be the second wholly foreign-owned futures business in the world’s second-largest economy, following JPMorgan Chase & Co.’s local unit.