![]() ![]() “Sometimes it’s better to not wake up the giants.”įor now, Webull’s users seem to care less about the firm’s China ties than the merits of its trading platform. “We’re in a really competitive space,” Denier says. brokerage and hired Denier to run it as CEO in 2017, with the two mapping out their initial strategy on napkins at a Mexican restaurant in New York. Denier, a Credit Suisse Group AG and ING Groep NV alum who has spent more than two decades on Wall Street, says Webull has intentionally kept a low profile. In an interview, Wang says he always set out to build a global firm, concluding that to do so he would first need to succeed in the U.S.Īrmed with early backing from Xiaomi founder Lei Jun, Wang opened the U.S. Wang, who left Alibaba to help run the finance unit at Chinese tech giant Xiaomi Corp. before striking out on his own, founded Webull's parent company in 2016, just as Donald Trump’s presidency was ushering in a new era of U.S.-China tensions. The Department of the Treasury, whose secretary chairs Cfius, says it doesn’t comment on cases before the committee, including whether a company has filed for review. Cfius gathered information from Webull but decided in December that it wouldn’t conduct a review, Denier says. expansion plans by some Chinese-owned companies on national security grounds, says Anthony Denier, an American who is Webull’s chief executive officer. It also voluntarily sought a review of its ownership by the Committee on Foreign Investment in the U.S. brokerage, and has an office right next to a Trump building on 40 Wall Street. It stores user data locally, is subject to the same regulations as any other U.S. While Webull’s ownership has attracted some attention in online forums frequented by the growing hordes of American stock traders, the firm goes out of its way to emphasize its U.S. The superpower clash that began with trade has recently moved into the financial realm, with the outgoing Trump administration mulling restrictions on Chinese payment platforms and pushing for rules that threaten to kick Chinese companies off U.S. expansion is almost unheard of for a Chinese-owned financial company, particularly at a time when relations between the two countries have sunk to the lowest point in decades. investors and may expand into automated financial advice and money management with a so-called robo-adviser service. While that’s still a fraction of the more than 13 million at Robinhood, the broker that popularized commission-free trading, Webull says it’s been peeling off users from its rival. The company has plans to pursue a big funding round from private U.S. alum Wang Anquan, has increased its roster of brokerage clients by about tenfold this year, to more than 2 million, by offering free stock trades with a slick online interface. ![]() Webull, founded by Alibaba Group Holding Ltd. All rights reserved.(Bloomberg Businessweek) - Even in a year full of surprises on Wall Street, this one stands out: A Chinese-owned brokerage has quietly built one of the fastest-growing retail trading platforms in the U.S. © currentYear E*TRADE from Morgan Stanley. ![]() Statement of Financial Condition | About Asset Protection | Account Agreements and Disclosures | Quarterly 606 Report | Business Resiliency Plan System response and account access times may vary due to a variety of factors, including trading volumes, market conditions, system performance, and other factors. Throughout 2023, ETS and ETCM will be transitioning existing clients to MSSB. All entities are separate but affiliated subsidiaries of Morgan Stanley. ![]() Banking products and services are provided by Morgan Stanley Private Bank, National Association, Member FDIC. Stock plan administration solutions and services offered by E*TRADE Financial Corporate Services, Inc. Commodity futures and options on futures products and services offered by E*TRADE Futures LLC, Member NFA. Investment advisory services offered by E*TRADE Capital Management, LLC (ETCM) or MSSB. Securities products offered by E*TRADE Securities LLC (ETS), Member SIPCor Morgan Stanley Smith Barney LLC (MSSB), Member SIPC. ![]()
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