"We are delighted to announce that Berndale Securities will be providing clearing solutions for optionsXpress Australia. Complemented by the recent addition of Trader Dealer this brings the total number of ASX Participants cleared by Berndale to fourteen" said Rob Forbes, Director of Berndale Securities.
Berndale Securities uses GBSTâs proven and scalable Sharesâ¢ platform for delivering equity clearing services. The flexibility of the Berndale Sharesâ¢ model enables new Market Participants to be up and running in a matter of days.
"Weâre excited to add two quality organisations with excellent online capabilities to our client base, and look forward to assisting them in developing their business", said Rob.
GBST CEO and Managing Director, Stephen Lake, notes the high growth of the Australian Online broking market with many investors choosing this method of trading. "Online trading provides a simple and economical method for those who are not seeking full broking advice".
"Berndaleâs platform is proving to be an attractive proposition to new broking participants entering the market. This is in part due to the flexibility and power of the GBST Sharesâ¢ platform" commented Mr Lake.
Third Party Clearing (TPC) is the outsourcing by a Market Participant of clearing and settlement obligation, back office functionality and related support services to a Clearing Participant. The Clearing Participant assumes full responsibility for any settlement risk and associated capital requirements, post-execution. This potentially allows the Market Participant to direct resources back into their core business and focus exclusively on business growth.