Hong Kong broking firms feel heat from rivalry

One in four home-grown brokerages may close as trading and fees plunge and competition from banks intensifies, according to an industry group.

The number of local broking firms might fall to 300 from about 400 in the next five years, said Mofiz Chan, a spokesman for the Hong Kong Securities & Futures Professionals Association.

via Business feed http://www.scmp.com/business/money/markets-investing/article/1288715/hong-kong-broking-firms-feel-heat-rivalry