Workers smoke cigarettes outside of a JPMorgan Chase office on May 14, 2012 in New York City. Photo: CFP

The China Securities Regulatory Commission (CSRC) has approved JP Morgan Futures as the first wholly foreign-owned futures company in China, marking a new stage in the opening up of China's securities industry.

To further open the futures market to the outside world, JP Morgan Futures has been approved as the country's first wholly foreign-owned futures company, the CSRC said in a statement posted on its official website on Thursday.

The CSRC will continue to deepen the opening of the futures market to the outside world and introduce qualified foreign shareholders of futures operating institutions, so as to promote the healthy and stable development of futures operating institutions, according to the statement.

JPMorgan Chase announced on April 29 that it had filed an application with the CSRC to increase the stake in its futures business from 49 to 100 percent.

The limit on the foreign share ratio of securities companies, fund management companies and futures companies was abolished as of January 1, as one of many important efforts by the government to create a more open market.