Moomoo Financial Inc., the English-language subsidiary of online stock brokerage Futu Holdings Ltd. (FUTU.US) said on Thursday it has formed a partnership that will give its users access to Kalshi, the world’s largest prediction market operator.
Under the deal, Moomoo users will be able to trade on the outcomes of major economic, political, and cultural events through an exchange regulated by the U.S. Commodities Futures Trading Commission (CTFC). “The launch further strengthens Moomoo’s evolving product ecosystem and reflects the company’s broader vision of delivering modern, market access across emerging financial products and asset classes,” Moomoo said.
The announcement comes just two weeks after Moomoo parent Futu was fined by China’s securities regulator for offering stock-trading services to Mainland China-based users without a necessary brokerage license. Following the announcement, Futu must wind down its remaining China-based business, which accounted for about 13% of its funded accounts at the end of March this year.
Futu shares fell 0.5% to close at $95.78 on Thursday. The stock has lost about 23% of its value since it announced the Chinese securities regulator’s decision on May 21.
By Doug Young
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