SHANGHAI (Reuters) - China will launch a unified account platform for securities investors from October, a state-owned clearing services firm said on Monday in a move aimed integrating different systems in the markets.
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 China Securities Depository and Clearing Corp (CSDC) said in new rules published on its website, www.chinaclear.cn.
Starting from Oct. 1, investors will be able to use one account to trade in the country's Shanghai and Shenzhen stock exchanges, the CSDC said.
Among other changes, a provision limiting individual investors to trade through only one brokerage will also be abolished, it said.
Officials at the China Securities Regulatory Commission (CSRC), the securities market watchdog, have said the unified platform would eliminate 49 differences in the way trading is conducted and managed by the mainland's markets.
The integration will also provide a basis for brokerages to conduct comprehensive wealth management business and help reduce operating costs, CSRC officials have said.
(Reporting by Lu Jianxin and Engen Tham; Editing by Shri Navaratnam)