China also may soon allow QFII license holders to open new yuan-denominated onshore bank accounts, in addition to their sole existing accounts under the QFII program, that are designated for investment in China's nascent stock index futures market, the people said.

WSJ: China May Give Foreign Pension Funds New Investment Opportunities

Nick Leeson told everyone he was doing pure arbitrage: in his case between futures contracts on the Nikkei (the Japanese stock market index) and the Nikkei itself.

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