China Securities Regulatory Commission (CSRC) accepted Morgan Stanley’s application to open up a futures business in the world’s second-largest economy on Monday, according to CSRC’s website.

A Morgan Stanley spokesperson said the bank “looks forward to establishing a futures company in China as we grow our domestic business footprint.”

Rival JPMorgan Chase & Co (JPM.N) became the first foreign bank that fully owns a futures company in China in 2020. Morgan Stanley would potentially become the second foreign bank to wholly own a futures business in China should its application get CSRC’s approval.

China’s State Council announced as early as 2021 it would launch more futures contracts and accelerate efforts to bring in more overseas investors.