Many of the world's biggest banks are in effect locked out of China's small but fast-growing derivatives markets after refusing to sign new trading agreements with the Chinese institutions that control the market.
The stand-off has caused foreign banks' share of local derivatives trading to plummet, undermining their ambitions to expand their Chinese interest rate, foreign exchange and credit derivatives operations.
China's four largest state-owned banks control the vast majority of the onshore derivatives markets.
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