Credential Financial Inc. Tuesday announced that it is now a self-clearing brokerage firm on its Investment Industry Regulatory Organization of Canada (IIROC) platform. This includes the company's full-service brokerage, Credential Securities, and its online brokerage, 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 the clearing depositories in Canada and the Untied States.
Credential's trade desks are 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.
"Self-clearing will give us greater control and more flexibility to expand our investment product offerings to our partners and their clients," says said Doce Tomic, president and CEO, Credential.
"As a long-standing partner of Credential's, we're pleased to see this evolution in their business," adds Rick Sielski, chief operating officer, member services, Vancity.
Over the past 20 years, continued innovation has allowed the Credential to serve 225 organizations and more than 1,300 advisors across the country.
Credential and its member companies provide MFDA and IIROC dealer services, online brokerage, and insurance solutions to credit unions and independent financial institutions across Canada.