Trading platform ProsperUs stops accepting new accounts, will shutter on Nov 30

Users have until Oct 31 to close all open positions and mutual fund units; any remaining will be closed or sold by parent company CGS International by Nov 3

ProsperUs, a trading platform owned by financial services provider CGS International, is no longer accepting new account applications, and will shutter on Nov 30.

This was announced by the platform through an e-mail and on its website, which said that a decision had been made to consolidate systems for a more holistic approach to the customers’ trading experience. Besides moving to other trading platforms owned by CGS International, existing ProsperUs users may also transfer their holdings to a brokerage operated by a different company.

A schedule on the ProsperUs website shows that no new positions may be opened from Aug 11, with existing positions set to “reduce-only” mode. The last date for customers to get a fee waiver for transferring their holdings is Oct 17, after which there will be a charge.

Users have until Oct 31 to close all open positions and mutual fund units; any remaining after that will be closed or sold by CGS International by Nov 3.

Customers can withdraw their balances and submit transfer-out requests until Nov 21; the last day they can download statements or documents from the platform is Nov 28.

ProsperUs ceases operations on Nov 30.

The Business Times has reached out to CGS International with queries.

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