China's top securities regulator announced Thursday that it has granted approval allowing J.P. Morgan Futures Co., Ltd. to become the country's first wholly foreign-owned futures trading firm.

The move aims to further open up China's futures market, said the China Securities Regulatory Commission (CSRC).

As part of the country's efforts to open its financial sector to foreign players, China removed foreign ownership limits for foreign-invested securities companies, fund management firms and futures companies at the beginning of this year.

The CSRC said it will continue to deepen the opening-up of the futures market and introduce eligible foreign shareholders to futures trading institutions to facilitate their development.