Question · Q3 2025
Emma Yu from B of A Securities asked for preliminary operational trends for Q4 2025, including trading volume, client assets, and new funded accounts. She also questioned the significant decrease in the clearing cost rate in Q3 2025, its underlying reasons, and its sustainability or potential for further reduction.
Answer
Chairman and CEO Tianhua Wu indicated that Q4 trading volume (first two months) was on par with Q3, with robust net asset inflow but some mark-to-market losses. New funded accounts in Q4 are expected to be in line with Q3. CFO John Zeng attributed the clearing cost reduction to the SEC no longer charging transaction fees since May, as US securities comprise 70-80% of trading volume, making the current rate sustainable.
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