Finclear Partners with Velocity Trade
Posted by Colin Lambert. Last updated: October 28, 2021
Australian Fintech Finclear has announced it will provide third-party clearing services to global broker-dealer Velocity Trade.
FinClear CEO David Ferrall says the deal, FinClear’s first new third-party clearing client post its recent acquisition of Pershing Australia, would present a number of synergies to both firms. “Velocity is a global firm with great businesses and relationships in markets around the world,” he says. “I’m sure that our two businesses will find plenty of mutual value as our relationship develops.”
Velocity Trade managing director and head of APAC, Spencer Davey, says that FinClear’s reputation and breadth of services were a good fit for the business, which previously used UBS for its third-party clearing. “FinClear has a well-established reputation in this market, and has also been very approachable and flexible in working with us to achieve our needs,” he says.