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]]>NEW YORK–(BUSINESS WIRE)–Velocity Clearing, a global financial services firm, today announced a strategic alliance with Avenue Securities, an innovative investment firm specializing in global investment solutions. In addition, Allfunds Group will provide Velocity Clearing with a platform seamlessly integrated into Velocity Clearing’s operations for accessing and distributing a variety of investment funds. By utilizing the services of Velocity Clearing and Allfunds Group, Avenue Securities will be able to offer clients a broad array of mutual fund choices and access to global investments.
This collaboration aims to enhance investment, clearing, and mutual fund distribution services, establishing new benchmarks for efficiency and accessibility.
In this collaboration, Velocity Clearing will serve as the primary execution, clearing, and settlement agent for Avenue Securities, for mutual funds and UCITS, among other asset classes – ensuring accurate and efficient trade processing. Furthermore, Velocity Clearing will integrate Allfunds Group’s platform, allowing for seamless access to a diverse range of investment funds.
“This strategic alliance brings together top-tier capabilities in global investment access, transaction processing, and a wide selection of investment options,” stated Brian Schaeffer, President of Velocity Clearing. “We are excited to leverage our strengths within the Avenue Securities and Allfunds Group platforms to enhance our offerings for clients.”
“We have been growing at an unparalleled pace in the Brazilian market. This alliance with Velocity Clearing and Allfunds Group will support us in gaining the scale we need to keep up with this growth, while providing access to new products”, said Alexandre Artmann, COO of Avenue. “This partnership will also pave the way for the great products that we will soon bring to the market.”
About Velocity Clearing, LLC
Velocity Clearing is a self-clearing broker/dealer serving correspondents, Prime Brokerage clients, active retail traders, emerging hedge funds and other market participants. The firm began in 2003 providing locates on locate required securities, and now offers institutions and sophisticated traders a full, tech-enabled ecosystem for securities locates, borrowing, executing, clearing, custody and financing. Over the past few years, Velocity expanded its suite of services to include portfolio margin and execution and clearing for options, tied together with a seamless user experience, proven risk management, and a veteran team of traders and technologists. With a growing team in multiple locations, Velocity has the right combination of resources and people to service clients around the globe on a 24×6 basis. Velocity Clearing is a member of FINRA and SIPC.
About Avenue Securities LLC
Avenue is a Miami-based company that enables Brazilians to have a dollar account and invest directly in the U.S. market, giving its clients access to major global asset managers, fixed-income securities, and the largest stock exchanges in the world, NYSE and Nasdaq. Founded in 2018 by a group of Brazilians executives with extensive experience in the local financial market, Avenue Securities is an investment firm that operates in both B2C and B2B models, focusing on retail and high-income clients. In 2022, Avenue and Itaú signed agreements to establish a commercial and strategic partnership. While Itaú acquired a 35% equity stake in Avenue, the Miami-based firm is providing its platform as a solution for international accounts and investments to over 60 million Itaú account holders. Avenue is the brand that was registered on websites and digital platforms operated by Avenue Meios de Pagamento S.A. and its affiliated companies, Avenue Securities LLC, Avenue Global Advisors LLC, Avenue Digital Assets LLC, Avenue Cash LLC, Avenue Securities DTVM Ltda., and Avenue Securities Gestão de Recursos Ltda.
Contacts
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Profile for Velocity Clearing, Rich Myers [email protected]
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NEW YORK–(BUSINESS WIRE)–Velocity Clearing, a global financial services firm, today announced it has opened a new office in Chicago, as it expands its execution, clearing and custody operations including the options markets.
To help commemorate the growth milestone, representatives from Velocity Clearing will ring the closing bell at the Cboe Global Markets trading floor in Chicago on Monday, September 23 at 3:15 pm CT.
Options trading is one of multiple asset classes trading by Velocity Clearing, which offers a full breadth of execution, clearing, settlement, custody and technology services. Velocity is also a leader in the securities lending business.
Velocity Clearing President Brian Schaeffer said, “Options trading is a core area of growth for Velocity and our trajectory in this business is increasing rapidly. Our new Chicago office and on-the-ground presence in the city is needed to effectively service growing customer demand in options trading along with other asset classes.”
Velocity Clearing already maintains a growing network of offices in New York City, Hazlet, New Jersey, Boca Raton, Florida, and Dallas, Texas. Velocity Clearing is a member of numerous equity and options exchanges including Cboe and is also a full member of the Depository Trust Corporation and the Options Clearing Corporation, the sole clearing house for options contracts in the United States.
About Velocity Clearing, LLC
Velocity Clearing is a self-clearing broker/dealer serving correspondents, Prime Brokerage clients, active retail traders, emerging hedge funds and other market participants. The firm began in 2003 providing locates on locate required securities, and now offers institutions and sophisticated traders a full, tech-enabled ecosystem for securities locates, borrowing, executing, clearing, custody and financing. Over the past few years, Velocity expanded its suite of services to include portfolio margin and execution and clearing for options, tied together with a seamless user experience, proven risk management, and a veteran team of traders and technologists. With a growing team in multiple locations, Velocity has the right combination of resources and people to service clients around the globe on a 24×6 basis. Velocity Clearing is a member of FINRA and SIPC.
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1. What is T+1 Settlement?
The SEC announced on February 15, 2023, that the U.S. would transition to T+1 settlement on May 28, 2024. This change requires that all market participants make necessary operational changes and technological upgrades to settle trades within one day. T+1 Settlement refers to the practice where securities transactions are settled one business day after the trade is executed. This is a shift from the previous T+2 standard, which allowed for two business days.
2. What are the key dates associated with the T+1 Transition?
3. What are the expected benefits of moving to T+1 Settlement?
The move to T+1 settlement is expected to enhance market liquidity, reduce counterparty risk, and improve overall market efficiency by speeding up the settlement process and reducing the amount of capital that needs to be held against open trades.
4. What are the new requirements for allocations in T+1 Settlement?
Allocations must be completed on the trade date (T0) by the industry cut-off time of 7:00 p.m. EST.
5. When must confirmations and affirmations be completed on the trade date (T0)?
Confirmations and affirmations for Institutional and Prime Broker transactions must be completed no later than 9:00 p.m. EST on the trade date (T0).
6. What does SEC Rule 15c6-2 entail for trade processing under T+1 Settlement?
SEC Rule 15c6-2 aims to enhance the settlement process by mandating the same-day allocation, confirmation, and affirmation of securities transactions. It requires broker-dealers to either:
7. Are there changes to the settlement date cut-off times with the move to T+1?
Yes, the settlement date cut-off times are reduced by one day to accommodate the T+1 settlement cycle. However, the current market cut-off for valued delivery orders will remain at 3:00 p.m. EST even after the transition from T+2 to T+1.
8. Where can I find a comprehensive list of products affected by the T+1 Settlement Transition?
Please consult the DTCC’s T+1 Product List for a comprehensive inventory of affected products. The list details all the securities and transactions that will be subject to the new T+1 settlement timeline. You can access the DTCC’s T+1 Product List by visiting: DTCC T+1 Product List. This document provides detailed information on all products that will transition to a T+1 settlement cycle.
9. How will corporate actions be affected by the transition to T+1 Settlement?
With the transition to T+1 settlement, the Ex-Date will be synchronized with the Record Date for regular-way corporate actions. This change aims to streamline the process and reduce confusion regarding the timing of benefits and obligations related to corporate actions.
10. What does the testing process involve for the transition to T+1 Settlement?
Testing is crucial and must reflect the current business operations of Velocity LLC. It includes scenarios as outlined in the SIFMA playbook and the DTCC’s T+1 Testing Approach: Detailed Testing Framework. These documents provide a structured framework and specific scenarios to help firms prepare for the transition effectively by testing their systems under conditions that mimic the post-T+1 operational environment. This framework offers comprehensive guidance on testing procedures to ensure readiness for T+1 settlement. You can access this document at: DTCC T+1 Detailed Testing Framework.
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]]>NEW YORK–(BUSINESS WIRE)–Velocity Clearing LLC, a global financial services technology company, today announced it has entered into a Prime Brokerage services referral agreement with Raymond James Financial (NYSE: RJF), a leading diversified financial services company.
The agreement allows for Raymond James institutional sales and sales traders to introduce Velocity Prime Brokerage Services to their institutional client base of hedge funds and other professional fund managers. Velocity’s prime brokerage offering includes core custody, clearance & settlement, financing and securities lending that can complement the premier equity research, analyst access and corporate access offered by Raymond James.
“Velocity’s Prime Brokerage offering is a meaningful value-add option for our institutional client partnerships,” said David De Luca, Global Head of Equities for Raymond James. “We are impressed with Velocity’s differentiated and boutique client service model, its access to multiple balance sheets and product mix and the firm’s deep expertise in securities lending.”
Brian Schaeffer, president of Velocity Clearing, said, “Velocity Clearing is delighted to be a proud partner of Raymond James. Our agreement allows institutional investors to custody assets directly with Velocity, or on an introduced basis with other clearing firms we partner with. Our management team of industry veterans has deep experience in Prime Brokerage coupled with consulting expertise geared towards private fund managers. Our focus will be on providing high-quality, high-touch service to institutional clients. The team and technology that Robert Kalaf, COO & Head of Prime Services, has built will be a differentiator in the PB marketplace.”
About Velocity Clearing, LLC
Velocity Clearing is a self-clearing broker/dealer serving correspondents, Prime Brokerage clients, active retail traders, emerging hedge funds and other market participants. The firm began in 2003 providing locates on hard-to-borrow securities, and now offers institutions and sophisticated traders a full, tech-enabled ecosystem for securities locates, borrowing, executing, clearing, custody and financing. Over the past few years, Velocity expanded its suite of services to include portfolio margin and execution and clearing for options, tied together with a seamless user experience, proven risk management, and a veteran team of traders and technologists. With a growing team in multiple U.S. and overseas locations, Velocity has the right combination of resources and people to service clients around the globe on a 24×6 basis. Velocity Clearing is a member of FINRA and SIPC.
About Raymond James Financial, Inc.
Raymond James Financial, Inc. (NYSE: RJF) is a leading diversified financial services company providing private client group, capital markets, asset management, banking and other services to individuals, corporations and municipalities. The company has approximately 8,700 financial advisors. Total client assets are $1.32 trillion. Public since 1983, the firm is listed on the New York Stock Exchange under the symbol RJF. Additional information is available at www.raymondjames.com.
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]]>The post 2023 A Year of Unprecedented Growth for Velocity Clearing appeared first on Velocity Clearing.
]]>Continually elevating the trading experience for retail and institutional clients, Velocity implemented key enhancements and innovations in client service, product offerings, team build and geographic reach.
Velocity Clearing CEO Michael Logan, said, “Velocity entered 2023 as a strong firm poised for further growth and we can report that as we close out the year we have exceeded all expectations of delivering premier service to our global retail and growing base of institutional clients. Clients are embracing our offering of a full suite of trading solutions and services that empowers them to reach their goals and objectives. We are grateful for the trust they have placed in Velocity and our people.”
Velocity’s mission is to deliver “best in class” service to its global client base by offering execution, clearing, custody and securities lending. Velocity’s Prime Brokerage platform combines concierge service with global access to multiple brokers and its very own self-clearing capabilities.
The firm reported the following key metrics for 2023:
Brian Schaeffer, Velocity’s president, said, “It has been an incredible year of momentum at Velocity that has the firm primed for continued growth and success in 2024, including exciting new partnerships that will soon be finalized and announced with leading institutional broker-dealers. Our retail offering is state-of-the-art and plans are in place for a very meaningful global expansion of our institutional business in the new year.”
Early in the new year, representatives from the Velocity Clearing team will be in Miami as part of Hedge Week, January 29 – February 1, for meetings and hosted events surrounding the iConnections Global Alts Conference and the Equities Leaders Summit.
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