Standard Chartered applies to set up securities firm in China

Beijing:  Standard Chartered Plc applied to establish a securities company in China, the China Securities Regulatory Commission said.

The CSRC received the application on Saturday, it said on its website, without providing details.

China's 7.26 trillion yuan ($1.1 trillion) securities industry is opening up further to foreign investment banks such as Goldman Sachs Group Inc. and JPMorgan Chase & Co., which are allowed to take full control of ventures in the country this year. That's likely to provide a jolt to the sector, forcing consolidations and winnowing out those that can't compete.