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Pressing the PaaS Button

In his latest blog post, Gerry Turner, Global Head of Platform as a Service at Vela, discusses how forward-thinking firms are now looking at derivatives platforms in a new way and exploring the cost/benefit equation of the PaaS approach.

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September 2, 2013

Self-Clearing 'Nightmare'

By Gregory Bresiger

Helping an old firm or a new one to self-clear used to be relatively easy, but now it's a "nightmare," according to an InteliClear executive.

Robert Victor, InteliClear's managing member, claims FINRA is now interpreting the rules in such a way that it takes much longer to win self-clearing approval

"Recently, FINRA has made it almost impossible for new or existing firms to go self-clearing, so we're not finding a lot of firms out there looking for new systems. The road is very difficult," Victor said.

Previously, he said, it would take six months to win approvals for a self-clearing brokerage. Now, he said, "it can take a year or more to win approvals." Many firms are giving up, Victor said.

InteliClear says it is seeing much less self-clearing business. FINRA denies the charges. Approvel times "have held steady" over the past few years, according to a FINRA spokesperson.

 

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