Credential Launches Self-Clearing Model and Trading Desk
Friday, February 15, 2013
Canadian financial services firm becomes a self-clearing investment dealer
Credential Financial Inc. today announced that its wholly-owned subsidiary,
Credential Securities, is now a self-clearing IIROC brokerage firm. This
includes the Company's online brokerage division, Credential Direct.
With this initiative, Credential Securities became a member of the Toronto
Stock Exchange, the TSX Venture Exchange and all ATS markets in Canada, along
with clearing depositories, CDS in Canada and DTC in the USA. Credential's new
trade desk is based in Montreal and will provide clients and internal
stakeholders the ability to execute equity, fixed income, foreign exchange and a
number of other trading related products.
As a self-clearing broker, Credential now provides enhanced brokerage
services including custody, clearing, settlement, and record-keeping. This
increased control allows the Company to provide clients with further service
efficiencies and customized and timely solutions.
"In today's evolving
marketplace, our partners' wealth management services have increased in
sophistication and continuing to innovate to meet their needs is our priority,"
said Doce Tomic, President and CEO, Credential. "Self-clearing will give us
greater control and more flexibility to expand our investment product offerings
to our partners and their clients."
"As a long-standing partner of Credential's, we're pleased to see this
evolution in their business," said Rick Sielski, Chief Operating Officer, Member
Services, Vancity. "Moving to a self-clearing model is yet another example of
how Credential collaborates with business partners like Vancity to empower us to
meet the growing wealth management needs and expectations of our members."
Over the past 20 years, Credential's continued innovation has allowed the
Company to grow into a strong trusted Canadian firm, serving 225 organizations
and more than 1,300 advisors across the country.
"By accomplishing this significant milestone, we are now even better equipped
to work closely with our partners and deliver a differentiated client experience
focused on excellence and empowering positive growth," said Tomic. Credential Direct
Established in 2000,
Credential Direct is an online brokerage delivering access to
self-managed equity, mutual funds, bonds, and options trading to all
Canadians. A division of Credential Securities Inc., it offers a
comprehensive partnership service to financial firms looking to expand
their wealth management offering to include online brokerage. For more
information on Credential Direct, visit About Us.
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