Verticlear, a provider of front and middle office financial technology solutions, is launching with products including cross-market trade compression, accounts online management and a level one trading platform.
The company, which has offices in Irvine, Calif. and Toronto, aims to provide "superior solutions for broker-dealers who are struggling with restrictive and costly data and account management products."
Mo Hirani, president, Verticlear, said: "Small and mid-sized brokerage firms don't get enough attention and consideration from the vendors providing data and account management tools to the Canadian marketplace. We believe these small and mid-sized firms are going to be the real drivers of growth and innovators in the marketplace. To that end, our solutions are broker-centric, highly customizable and unique, including a cross-market trade compression tool " the first in North America " that drastically reduces clearing costs for brokers trading in multiple markets."
Verticlear plans to release additional solutions that improve on legacy data models and provide a better framework for brokers to integrate with downstream data systems, Hirani said.
Products include event management and workflow tools for both retail and institutional broker-dealers, cost-effective compliance solutions that aim to eliminate cumbersome infrastructures and licensing set-ups, and a consolidated wealth management platform that holistically portrays portfolios across registration barriers " including broker-dealers, money managers, mutual fund dealers and banks.
"The advent of multiple markets in Canada is relatively new," said Francesco Pasin, CEO of JitneyTrade, a Canadian online broker and a Verticlear client.
"As the marketplace evolves it becomes more apparent that we lack industry-wide solutions for increasing operational efficiency in trade reporting. Before we started using Verticlear's cross-market trade compression tool, profits we made by achieving best price and fast execution were canceled out by high clearing costs. Verticlera has reduced our costs drastically by removing these operational inefficiencies and giving us the tools to outperform our competition."