Joint Statement from Five Money Broking Corporations

2015/07/23

In 2005, China Banking Regulatory Commission issued "Measures for the Pilot Management of Money Broking Companies" (hereinafter referred to as "Pilot Management Measures"), marking the birth of China's money broking industry. In Pilot Management Measures, it is clearly stipulated that money broking companies are non-banking financial institutions specializing in providing brokerage services including promoting financing of financial institutions and foreign exchange transactions, from which commissions are collected, and shall not engage in any self-operating business of financial products. Money broking industry is a fair third-party service platform for financial institutions to match, and commission income is its survival basis. However, some media recently have unilaterally reported that money broking industry promotes normal service charges. Here, five money broking companies make the following official statement to face up to it:

  1. Contracting service is the normative requirement of industry supervision
  2. Money broking services follow market rules and business principles

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Tullet Prebon SITICO(China) Limited

Shanghai CFETS-NEX International Money Broking Co., Ltd.

Ping An Tradition International Money Broking Co., Ltd.

China Credit BGC Money Broking Co., Ltd.

CITIC Central Tanshi Money Brokering Co., Ltd.