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| Thursday, October 16, 2008 00:34:07 |
Chinese brokers challenging Wall Street counterparts
Citic Securities is the fastest-growing brokerage in the world thanks to China’s booming stock market, the Shanghai Securities News reported, and Wall Street is now beginning to regard it as a viable challenger to its top three brokers – Goldman Sachs Group, Morgan Stanley, and Merrill Lynch. Founded 11 years ago, Citic has a market capitalization of US$40.7 billion, US$8.8 billion more than Lehman Brothers, making it the fourth largest broker by market capitalization. When global banks with securities arms are added, Citic ranks number eight on a list that ...
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