Investing.com -- Citadel Securities, led by CEO Peng Zhao, has submitted an application to the China Securities Regulatory Commission to establish a brokerage in mainland China. The move comes as many Wall Street firms find it challenging to navigate the country’s markets.
The application was received by the regulator on Friday, as per the information on the regulator’s website. Citadel Securities’ decision to establish its own operation in China follows its unsuccessful attempt to acquire Credit Suisse’s onshore business last year.
In its efforts to navigate the complex regulatory environment in China, Citadel Securities had hired Tony Tang, the former China head of BlackRock Inc (NYSE:BLK)., in September 2023.
The US-based firm’s move is somewhat unusual as many foreign financial institutions have been scaling back their operations in China. Despite this trend, Citadel Securities has been actively participating in China’s A-share market from Hong Kong, where it trades cash equities, futures, options, and exchange-traded funds.
The company maintains an office in Shanghai with a small team that supports its offshore China business. The new application signals an ambition to expand its presence within the mainland China market.
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