Freedom Holding Corp. announced today that the Financial Industry Regulatory Authority ("FINRA") has approved its access to the US domestic exchange market and the continuing membership application filed by Prime Executions, Inc., a Delaware corporation, which will permit the Company to complete the acquisition of Prime Executions. Prime Executions is a broker-dealer registered with the U.S. Securities and Exchange Commission and member of the New York Stock Exchange ("NYSE") where it acts as an agency-only broker-dealer operating from the floor of the exchange. It is also a member of NASDAQ, FINRA, and SIPC, as was reported by ‘Ukrainian News’.
Freedom Finance is now granted access to the US domestic exchange market through the acquisition of Prime Executions. In addition, it expands the holding's presence in the world economy. The transaction is expected to close by the first week of January 2021.
"We are pleased to receive the FINRA approval necessary to allow us to complete the acquisition of Prime Executions, which has a sterling reputation at the New York Stock Exchange, and we look forward to working with the strong team of brokers and market experts that have been delivering exceptional service to clients for the past 29 years. The acquisition of Prime Executions is an important milestone for Freedom Holding, as it will give us a foothold in the U.S. markets that will benefit our clients by assuring them cost-efficient and timely execution of U.S. market trades. Also, we expect the addition of Prime Executions will allow us to continue expanding our business by making available to both U.S. and Eurasian market participants the best cross-market financial opportunities," Timur Turlov, Freedom Holding Corp. CEO, commented on the acquisition.
The Company acquired the outstanding shares of Prime Executions from Andrew Silverman and Daniel Tandy. Both Mr. Silverman and Mr. Tandy have agreed to continue serving as members of the board of directors of Prime Executions. To the position of the President and CEO of Prime, Executions Inc. was appointed Robert Wotzyak, who has 30 years of experience advising on capital markets and administrative leadership, including management positions at the NYSE.
In addition, recently, Freedom Holding Corp. was included in the MSCI U.S. Small Cap 1750 and MSCI U.S. Investable Market 2500 indexes. Getting on the lists of a well-known stock index indicates the recognition and international trust to the company.
FINRA (Financial Industry Regulatory Authority) - one of the largest, independent regulators in the United States. Supervises the work of more than 624 thousand brokers.
Prime Executions is a qualified "Blue Line" NYSE brokerage firm able to access multiple marketplaces to trade on average more than 630,000,000 shares per month to meet client needs. Prime Executions combines an experienced sales team, brokers and all the available technologies provided by the NYSE and several outside vendors to provide exceptional fill rates and less shortfall slippage to a wide variety of clients on both the buy-side and sell-side.
Freedom Holding Corp., a Nevada corporation, is a financial services holding company conducting retail financial brokerage, investment counselling, securities trading, investment banking and underwriting services through its subsidiaries under the name of Freedom Finance in Eurasia where it employs more than 1,500 persons. The Company is a professional participant in numerous securities exchanges including the Kazakhstan Stock Exchange, Astana International Exchange, Moscow Exchange, Saint-Petersburg Exchange, Republican Stock Exchange of Tashkent and Ukrainian Exchange. The Company is headquartered in Almaty, Kazakhstan, with administrative office locations in Russia, Cyprus and the United States. The Company's common shares are registered with the United States Securities and Exchange Commission and are traded in the United States on the Nasdaq Capital Market, operated by Nasdaq, Inc.