SHANGHAI, May 30 (Reuters) - China plans to launch a unified account platform for securities investors in October, a move aimed at promoting integration among different systems in the country's capital markets, the official China Securities Journal said on Friday.
The platform will allow investors to own a single account that will be able to trade through different brokerages and on different stock exchanges, the newspaper said, quoting Zhou Ming, the board director of China Securities Depository and Clearing Co Ltd, the state-owned company that provides clearing services for Shanghai and Shenzhen stock exchanges.
The unified platform will eliminate 49 differences in the way trading is conducted and managed by the mainland's two exchanges, Shanghai and Shenzhen, Zhou was quoted as saying. A regulation limiting individual investors to trading through only one brokerage also would be abolished.
The integration of the account system will provide a basis for brokerages to conduct comprehensive wealth management business and help reduce operating costs, the newspaper separately quoted an unidentified official at the China Securities Regulatory Commission as saying. (Reporting By Shanghai Newsroom; Editing by John Ruwitch & Kim Coghill)