-Global players are reassessing their JV brokerages
-We expect firms to follow divergent strategies regarding ownership onshore

Update: JP Morgan’s joint venture (JV) partner, First Capital Securities, has announced the two are in talks to transfer the American banking giant’s stake. Such an exit may trigger a broader industry shakeup; this would be right on time considering the sector’s current environment, particularly for foreign participants. During this period, the positioning of global investment banks must be examined and redefined while keeping all future options open. This reassessment may see other brokerage JVs follow JP Morgan in moving to the negotiating table.

The JV with First Capital Securities was an obvious candidate for repositioning considering the firm’s situation …

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