SHANGHAI : Chinese money brokers are preparing to suspend their data feed businesses in the coming days after being instructed to do so by Chinese regulators on Tuesday due to data security concerns, sources familiar with the matter told Reuters.
The move comes after China announced plans to form a national bureau to manage its troves of data, as well as a new regulatory body consolidating oversight of the financial sector. Five of China's six money brokers, which also include the joint ventures of BGC Partners, Central Tanshi and Compagnie Financiere Tradition, had received the notice from regulators, according to sources.
Neither the money brokers nor their regulator, the China Banking and Insurance Regulatory Commission, immediately responded to requests for comment.