Moomoo, the trading app for brokerage firm Futu, enhances its services in Singapore and Australia by offering 24-hour trading with US stocks. The company highlighted that its clients can now trade more than 100 US stocks and exchange-traded funds (ETFs) around the clock for five days.
So far, Moomoo has supported US trading for 16 hours each trading day, including 6.5 hours of normal trading hours and 9.5 hours of pre-market and post-market trading. The new features will now allow Moomoo users in the two countries from 10am Monday to 10am Saturday (AEST) and from 8am Monday to 8am Saturday (SGT).
“Introducing eager investors to trade in the US market around the clock is definitely a game-changing advancement for seizing investment opportunities on any occasion,” said Gavin Chia, Managing Director of Momo Singapore.
The official announcement also noted that Moomoo’s 24-hour trading facility was “a first in both the (Singapore) market and (the) Australian (market).” Earlier in February, Moomoo’s sister brand introduced similar 24-hour merchant services in Hong Kong. However, the brand still offers 16-hour trading in the US.
“Moomoo has access to market makers who provide live prices 24 hours a day, five days a week,” said Matt Wilson, Moomoo’s senior Australian market analyst. “So, you can benefit from market movements during Australian business hours and while the US sleeps.”
Strengthening the base outside of China
Futu, which is listed on Nasdaq, is known for offering residents of mainland China access to stocks listed in the United States and Hong Kong. However, the company and its competitors are facing a Chinese regulatory backlash.
Last month, Futu decided to remove its trading app, Futubull, from app stores in mainland China in response to rectification requirements issued by the China Securities and Regulatory Commission on its cross-border securities business. However, existing mainland China customers will still have access to the trading platform.
Meanwhile, Futu Holdings’ total profit rose 13% to $281.4 million quarter-over-quarter in the first quarter of 2023. On a year-over-year basis, profits were up 56.3%. The company generated $318.5 million in revenue in the three months.
Moomoo, the trading app for brokerage firm Futu, enhances its services in Singapore and Australia by offering 24-hour trading with US stocks. The company highlighted that its clients can now trade more than 100 US stocks and exchange-traded funds (ETFs) around the clock for five days.
So far, Moomoo has supported US trading for 16 hours each trading day, including 6.5 hours of normal trading hours and 9.5 hours of pre-market and post-market trading. The new features will now allow Moomoo users in the two countries from 10am Monday to 10am Saturday (AEST) and from 8am Monday to 8am Saturday (SGT).
“Introducing eager investors to trade in the US market around the clock is definitely a game-changing advancement for seizing investment opportunities on any occasion,” said Gavin Chia, Managing Director of Momo Singapore.
The official announcement also noted that Moomoo’s 24-hour trading facility was a “first in both the (Singapore) market and the () Australia market”. Earlier in February, Moomoo’s sister brand introduced similar 24-hour merchant services in Hong Kong. However, the brand still offers 16-hour trading in the US.
“Moomoo has access to market makers who provide live prices 24 hours a day, five days a week,” said Matt Wilson, Moomoo’s senior Australian market analyst. “So, you can benefit from market movements during Australian hours and while the US sleeps.”
Strengthening the base outside of China
Futu, which is listed on Nasdaq, is known for offering residents of mainland China access to stocks listed in the United States and Hong Kong. However, the company and its competitors are facing a Chinese regulatory backlash.
Last month, Futu decided to remove its trading app, Futubull, from app stores in mainland China in response to the China Securities and Regulatory Commission’s rectification requirements on its cross-border securities business. However, existing mainland China customers will still have access to the trading platform.
Meanwhile, Futu Holdings’ total profit rose 13% to $281.4 million quarter-over-quarter in the first quarter of 2023. On a year-over-year basis, profits were up 56.3%. The company generated $318.5 million in revenue in the three months.