By Sarah Tew/Reuters (Reuters) A trading platform that has helped thousands of traders get rich on the stock market for years is now shutting down, as investors and regulators try to figure out whether to close the doors after it announced it would stop trading for good on July 1.
The Morningstar Technology Inc (MAIN.
O) trade platform announced on Thursday it would close after more than 20 years of service, the company said in a statement on Twitter.
The platform, which provides trading advice for the financial services industry, said in its announcement that it was ending operations because of “challenges with the financial market, the changing regulatory environment, and our ability to compete on a global scale.”
Morningstar was founded in 2003 and was acquired by Accenture in 2009.
In a statement, the platform said it had made “significant investments” in the platform over the years, including hiring more than 700 people.
The company said it plans to continue working on ways to provide financial products for the market, and it has a “deep understanding of the market” and has “a strong track record of building, scaling, and improving these products.”
The company did not provide further details on what those investments were.
“We believe that the time has come to end our service, and to focus our efforts on building a world-class platform that can be relied on to provide the trading and investment tools that the trading community needs to safely and efficiently manage their portfolio of stocks, bonds, ETFs, and other financial products,” the statement read.
The announcement comes just days after Morningstar said it was planning to move all its trading to its own platform.
The platform was one of the most popular in the financial industry.
In recent years, the financial and investment technology industry has been rocked by the collapse of trading platform trading platform BlackRock Inc (BLK.
N), which was acquired for $15 billion in a deal that saw BlackRock’s shares tumble on Wall Street.
BlackRock, which had been the world’s largest trading platform, shut down on Oct. 29, 2015.
The loss of Morningstar’s trading platform has also been a source of controversy in recent months.
The company has been accused of selling securities it had no business selling to the market in a scheme to artificially boost its profits.
Last week, the Securities and Exchange Commission charged Morningstar with “misleading investors” by saying that trading on its platform is cheaper than buying the same securities.
(Reporting by Sarah Tews; Editing by David Gregorio)