Refco Group Ltd., LLC, a wholly-owned subsidiary of Refco Inc. has announced the formation of a joint venture in China with Jingyi Futures Co., Ltd, China’s sixth largest futures broker.
“We are extremely pleased to formally announce our joint venture with Jingyi Futures,” said Jeremy Ang, executive vice president of Refco Singapore Ltd and chief representative of Refco Group, Ltd., Shanghai Office. “In selecting a joint venture partner, Refco looked for a combination of a strong local presence, industry expertise, sound reputation, and skill of management. We believe we’ve found the ideal joint venture partner in Jingyi Futures.”
“Our existing offices in Singapore, Japan, Shanghai, India, Hong Kong and Taipei underscore the significant role that our Asian businesses play in the establishment of Refco’s global presence,” said Phillip Bennett, president, chief executive officer and chairman of Refco Inc. “Our joint venture with Jingyi Futures will allow us to continue our expansion in this important regional market by introducing Refco’s products, services, and experience as the largest non-bank futures clearing merchant to a large potential client base throughout China. We look forward to participating in the prospective growth of China’s derivative and capital markets.”
Refco Group Ltd., LLC will acquire a minority stake in the joint venture through its Hong Kong subsidiary with Jingyi Futures. According to rules established by the Closer Economic Partnership Arrangement (CEPA) between the Mainland and Hong Kong Special Administrative Region, Hong Kong partners can retain a maximum of 49 percent of joint venture futures brokers.