RQD* Clearing (RQD), a next-generation correspondent clearing provider, announced that it has teamed up with Blue Ocean Technologies (BOT), a unique capital markets fintech leader specializing in global afterhours trading from 8:00 pm to 4:00 am ET. The partnership leverages RQD’s cutting-edge back office clearing infrastructure by introducing real time overnight trade capture, and straight through processing of clearance for Blue Ocean ATS’s overnight session. The transition to RQD became effective on March 1st, 2023.
Brian Hyndman, President and CEO of Blue Ocean Technologies and Blue Ocean ATS, stated, “We are delighted to be partnering with RQD for our back office clearing needs. RQD is one of the leading innovators in the clearing infrastructure space and shares Blue Ocean’s mission of providing efficiencies and next generation opportunities. We are excited to be working with a team of market structure and global fintech professionals that understand the importance of customer service,” he added.
Michael Sanocki, CEO of RQD said “We are excited to partner with another fintech that is disrupting traditional finance. BOT’s mission to transform global trading was a perfect fit for our flexible platform, which we tailored to support BOT in a way clearing firms wedded to legacy vendor technology could not. With our unique test environment, we were able to conduct end-to-end testing with BOT production trades before going live ensuring a seamless transition, in less than a month, from their former clearing firm.”
RQD works with each of its clients in a highly customized manner, optimizing its approach based on the diversified requirements of each institution. RQD’s collective market knowledge and experience allows it to work closely with clients, providing guidance and know-how in areas others do not.
Sanocki added, “BOT’s successful launch is a testament to the power of collaboration between fintechs and the potential to drive meaningful change in the industry.”
RQD* Clearing, LLC is registered with the SEC, is a member of FINRA, OCC, DTC and NSCC and has exchange memberships at all major U.S. equities and options market centers.
Source: Blue Ocean
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