Tullett Prebon Sitico
Introduction
Tullett Prebon SITICO (China) Ltd. was established on 20th December 2005 in
Shanghai, invested by Shanghai International Trust Co., Ltd. and Tullett Prebon
(Europe) Ltd. Located at Lujiazui Financial Center, the company is the first
inter-dealer broker (“IDB”) approved for carrying out business by the China Banking
Regulatory Commission (“CBRC”) in China and is the first player in China’s
inter-dealer broking industry. The opening up of the company indicates the innovation
of China’s financial organizational system and has a wide range of active influences
for ameliorating China’s financial market structure, improving market service level
and increasing the efficiency of market functions. The parent companies of both
shareholders are Shanghai International Group (a large-sized state-owned enterprise
group in Shanghai) and Tullett Prebon (one of the world’s largest inter-dealer brokers)
respectively. Both parties will make joint efforts to make the company a flagship
player in China’s inter-dealer broking industry.
In line with the relevant stipulations of “The Interim Administrative Regulations of
Money Brokering Companies”, the company mainly engages in the brokerage of the
following transactions: (1) foreign exchange market transactions both at home and
abroad; (2) money market transactions both at home and abroad; (3) bond market
transactions both at home and abroad; (4) derivative transactions both at home and
abroad; (5) other businesses approved by CBRC.
As the first player in China’s inter-dealer broking industry, the main functions of the
company is to audibly and electronically facilitate the funds accommodation, foreign
exchange transactions, bond transactions and derivative transactions among the
financial institutions on the wholesale market. The company strictly observes the
principles of not to create prices and not to act as a principal in any kind of trading.
To the extent permitted by Chinese policies and regulations, the company will
establish a platform among various types of domestic and foreign financial
institutions (in particular, banks), deliver the excellent and professional broking
service to the customers both at home and abroad by leveraging its own expertise and
advantages and adopting advanced technology and scientific management
methodology, with a view to making contributions to increase market liquidity, enrich
the function system of Shanghai as an international financial center, facilitate the level
of professionalized divisions on China’s money market and accelerate the
development of China’s money market.