Commentary

Erik Hoel
Traders Magazine Online News

Will The Bitcoin Bubble Pop Or Will It Envelop Us All?

Guest contributor Erik Hoel asks the question whether the worst is over for bitcoin holders, or still yet to come, what is yet to come? And why.

Traders Poll

In your opinion, what is the biggest hurdle facing the blockchain?

Cost of implementation

17%

Too many systems available

23%

Not applicable to my business

3%

Uncomfortable with the technology

33%

Nobody else is using it

23%

Free Site Registration

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.

 

(c) 2013 Traders Magazine and SourceMedia, Inc. All Rights Reserved.
http://www.tradersmagazine.com http://www.sourcemedia.com/