Beta Capital Wealth Management has enlisted the help of Broadridge Financial to provide technology to support its move to self-clearing.
Historically, large global players with the expertise and technology have opted to use a self-clearing model, although this has gained traction in recent years as institutions downsize clearing businesses due to a lack of returns.
However, smaller firms that consider a move to self-clearing are forced to assess the feasibility to ensure they are well prepared for the move.
The Miami-based broker, owned by Credit Andorra Financial Group, will use Broadridge’s front and back office technology and operations services.
Broadridge explained a combination of technology and managed services through guidance and consultation will help Beta navigate the regulatory and integration process of self-clearing.
“By selecting Broadridge, Beta Capital will be well positioned for growth in new markets and have full control of their future success,” said Steve Brown, managing director of wealth management at Broadridge Financial Solutions.
Operational responsibilities of self-clearing include clearing and trade lifecycle management, margin brokerage processing, reference data management and reconciliation.
“After careful review of the marketplace, it became clear that the optimal choice for Beta Capital Wealth Management’s targeted growth was Broadridge,” said Noelia Povedano, CEO of Beta Capital Securities.