First approval given to a foreign exchange under China’s new regulation

NYSE Euronext reports that the China Securities Regulatory Commission has approved an application by New York Stock Exchange LLC, a subsidiary of NYSE Euronext, to open a representative office in Beijing.

The new office will be occupied by the company’s staff in the coming weeks and will become the NYSE’s center of operations for advancing its brand and service to its listed companies in China.

The NYSE currently lists 40 companies from greater China, including 28 from mainland China and seven from Hong Kong. The total global market capitalization of the 28 NYSE-listed Chinese companies from the mainland is US$790 billion, and above US$1 trillion for the 40 companies from greater China.

“The NYSE welcomes and appreciates the approval by the CSRC to open our Beijing office,” said John Thain, CEO of NYSE Euronext, in a news release. “It is an honor for the NYSE to be the first foreign exchange to receive approval under the new regulations.”

“This is an historic event for our company and the global capital marketplace, and reflects positively on the progress of the strategic economic dialogue between China and the United States. We look forward to further strengthening our relationship with the People’s Republic of China and to offering the opportunities of our marketplace to the people of China and its business community in order to contribute to the nation’s economic growth and well-being,” Thain added.