It is no surprise to us that PFGBEST is focusing on China. Just to give you an idea on the potential for currency trading in China: Industry leader FXCM announced that Chinese residents accounted for $418 Billion in volume for the fiscal year 2010. China was their third largest market, right behind United States and Europe. The regulation for currency trading has not been well defined in China, so most firms have been attracting Chinese clients out of their Hong Kong based offices. We will now see firms opening offices directly in mainland China with CBRC approval. Recently Gain Capital, too announced that they have received approval from the Chinese regulators.
PFGBEST Receives China Banking Regulatory Commission Approval
PFGBEST is moving on official approval from the China Banking Regulatory Commission (“CBRC”) to build on the PFGBEST brand in China. The CBRC is the primary banking regulator in China, supervising banks and non-bank institutions and their business operations within the country.
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“We are happy and delighted with this approval from CBRC. As one of the first U.S. Futures & Forex firms to receive CBRC approval, we are fulfilling our long-term commitment to this fast growing market,” said PFGBEST President and Chief Operating Officer Russ Wasendorf, Jr. “China is a vast, dynamic market and this permits us to use our talent and technology leadership to serve the demand through the region for global foreign exchange with many exchange-listed products. In our view, China has the potential to establish one of the largest financial services industries in the world,” he said.
Mr. Kem Chong, PFGBEST Chief Representative in China said: “CBRC’s approval allows us to conduct market research and promote our most successful trader education programs. It will help us to continue expanding relationships with investors and traders, financial media, academic and technology partners, and regulators in mainland China.” Kem Chong has been with PFGBEST for six years.