Futu, Tiger Brokers fall sharply as Chinese central banker warns on offshore trading by online brokers

Source: Tech – South China Morning PostUS-listed brokers Futu Holdings and Tiger Brokers fell sharply in pre-market trading on Thursday after a top Chinese central bank official warned online brokers who offer cross-border trades to mainland investors without a domestic licence are operating illegally.Sun Tianqi, head of the Financial Stability Department at the People’s Bank of China (PBOC), said at a financial forum over the weekend that brokers, even if they are licensed elsewhere, were running afoul of the law if they offer such…Read More

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