China pushes First Capital merger in drive to take on Wall St


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HONG KONG: China plans to merge domestic broker First Capital Securities with smaller rival Capital Securities, three sources said, underscoring Beijing's determination to consolidate the brokerage industry to take on the giants of Wall Street.

China wants to level the playing field as it opens up its financial markets to foreign players including Goldman Sachs and Morgan Stanley, said two of the sources with knowledge of the matter.

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