US online brokerage, E*Trade announced this week that it will be terminating its retail stock trading service in Hong Kong on July 16 as part of the company's 'corporate refocusing exercise'.
According to reports in the regional media, the firm's US head office announced recently that due to a combination of the weak performance of the territory's equity market, and the poor profitability levels shown by the Hong Kong retail brokerage business, the move was deemed necessary as part of a cost-cutting initiative.
E*Trade will, however, continue to operate for institutional investors, and will conduct trades for US stocks in the SAR, it revealed in a statement.
The company's Hong Kong branch stopped accepting applications for individual accounts on Wednesday, and the last trading day for Hong Kong stocks will be on July 16, with the last settlement day on July 18.
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