HONG KONG, June 06, 2019 (GLOBE NEWSWIRE) -- Please disregard the release "Futu Obtains Clearing License in the U.S." posted on June 3, 2019 by Futu Holdings Limited. Please refer to this release instead.
Futu Holdings Limited ("Futu" or the "Company") (NASDAQ:FHL), a leading tech-driven online brokerage platform in China, recently announced that its wholly-owned subsidiary in the U.S., Futu Clearing Inc., has been officially granted Financial Industry Regulatory Authority ("FINRA") membership as a U.S. broker-dealer with the capacity to provide clearing services.
With FINRA’s membership and Futu's proprietary systems working with our licensed version of InteliClear’s Post Trade Solutions the company will be able to provide clearing, settlement and asset custody services to customers and other introducing brokers in the U.S, which will enable Futu Clearing Inc. to capture the full cycle of client trades and maintain custody of its clients' assets.
"We are pleased that Futu Clearing Inc has been granted FINRA membership in the U.S.," commented Mr. Leaf Hua Li, Futu Holding Limited's Chairman and Chief Executive Officer. "I believe Futu Clearing Inc’s strong technology capabilities are designed to ensure that our clearing services are highly reliable and efficient and provide a transaction experience to which customers have come to expect. Futu Clearing Inc’s strength in technology and market influence will help diversify our revenue streams and further solidify our foothold in the U.S. market. We will also have more flexibility in terms of our product and service offerings, as well as enhanced ability to reduce trading costs for our clients. Going forward, we will continue to consider expanding memberships in order to broaden our core service offerings and expand our global presence."
About Futu Holdings Limited
Futu Holdings Limited (Nasdaq:FHL) is an advanced technology company transforming the investing experience by offering a fully digitized brokerage platform. The Company primarily serves the emerging affluent Chinese population, pursuing a massive opportunity to facilitate a once-in-a-generation shift in the wealth management industry and build a digital gateway into broader financial services. The Company provides investing services through its proprietary digital platform, Futu NiuNiu, a highly integrated application accessible through any mobile device, tablet or desktop. The Company's primary fee-generating services include trade execution and margin financing which allow its clients to trade securities, such as stocks, warrants, options and exchange-traded funds, or ETFs, across different markets. Futu enhances the user and client experience with market data and news, research, as well as powerful analytical tools, providing them with a data rich foundation to simplify the investing decision-making process. Futu has also embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders.
About InteliClear LLC
InteliClear is a Limited Liability Corporation that has developed a 21st Century high performance, post-trade processing solution for U.S. Correspondent Clearing, Self-Clearing and Omnibus Broker Dealers. InteliClear is the third-party vendor providing clearing service solutions for Futu Clearing Inc.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the expectation of its collection efficiency and delinquency, contain forward-looking statements. Futu may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Futu's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Futu's goal and strategies; Futu's expansion plans; Futu's future business development, financial condition and results of operations; Futu's expectations regarding demand for, and market acceptance of, its credit products; Futu's expectations regarding keeping and strengthening its relationships with borrowers, institutional funding partners, merchandise suppliers and other parties it collaborate with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Futu's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Futu does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
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Source: Futu Holdings Limited