Money brokers in China are reportedly set to suspend their data feed businesses at the behest of regulators in the country.
According to Reuters, money brokers have been told to suspend their data feed businesses by regulators due to data security concerns by the China Banking and Insurance Regulatory Commission.
One source told the newswire that regulators told the money brokers that they were not licensed to conduct data feed business.
These brokers provide data vendors such as Wind Information Co and Sumscope Information Technology Co with price quotes. The report notes that this regulatory action could negatively impact the speed of trading in China’s money and bond markets.
The report adds that five of six money brokers operating in China have received the notice. These include the local joint ventures of Tullett Prebon and NEX International Ltd, and joint ventures of BGC Partners, Central Tanshi and Compagnie Financière Tradition.
While these concerns are around data protection Chinese money brokers have had a historical link to Mexican and Colombian drug cartels. In early 2021, a Chinese businessman named Gan Xianbing was sentenced to 14 years in prison for his role in laundering just over $530,000 in Mexican cartel drug money.
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