Online Lender Prosper to Halt Note Trading, Citing Low Volume
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The online consumer lender Prosper Marketplace Inc. is shutting its loan trading platform this month, a move that will effectively close a key liquidity outlet for retail investors.
"Very few investors" were using the trading system, Prosper said in a letter to stakeholders last week. The firm instead is focusing on making and selling new loans, and on ensuring their quality, according to the letter. San Francisco-based Prosper will begin phasing out the system after Oct. 19, with the shutdown complete on Oct. 27, it said.