Chinese securities regulators on Friday approved the joint ventures of J.P. Morgan Chase & Co and Morgan Stanley , bringing the banks a step closer toward operating securities businesses in China that they, and other banks, have long sought. The widely-expected decision will enable the two Wall Street banks to underwrite stocks and bonds in one of the fastest growing securities markets in the world. But the two banks will have to wait another five years before their joint ventures are able to start the more lucrative broking operations.
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