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Online brokerages Futu, UP Fintech suspend night trading of U.S. stocks
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Online brokerages Futu, UP Fintech suspend night trading of U.S. stocks
Aug 6, 2024 4:48 AM

SHANGHAI/BEIJING, Aug 6 (Reuters) - Online brokerages

Futu Holdings and UP Fintech Holding, known

for helping Chinese investors buy global stocks, have told

clients that night trading of U.S. shares would be suspended on

Tuesday after a surge in global market volatility.

The brokers attributed the move to notices they received

from U.S. service provider Blue Ocean, without giving details.

Blue Ocean gives clients electronic access to trade U.S. stocks

between 8:00 pm and 4:00 am ET (0000-0800 GMT), Sunday to

Thursday, and access to data.

Trading during other hours will not be affected, the

brokerages said. Blue Ocean did not immediately respond to a

request for comment.

Global stocks rallied on Tuesday, reversing some of the rout

triggered the previous day by fears of a U.S. recession and

disappointing results of some tech giants, after central bank

officials moved to soothe investor nerves.

Futu said in a notice to clients that Tuesday's trading

suspension was the result of "prudent consideration" after the

notice from Blue Ocean.

UP Fintech, also known as Tiger Brokers, made a similar

statement, adding that orders placed between 1:45 a.m. and 4:00

a.m. ET (0545-0800 GMT) on Aug. 5 had also been cancelled.

The company said it had dealt with the affected orders

properly and apologized to clients.

The two brokers last year removed their apps in mainland

China after Chinese regulators banned the companies - which do

not have securities licences in China - from soliciting onshore

clients via the Internet.

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