Questrade unveils self-clearing arm
TORONTO, Sept. 28, 2012 /CNW/ - Today, Questrade announced plans to launch a self-clearing division by end of 2012. The new clearing unit will replace its current carrying broker.
Edward Kholodenko, President and CEO of Questrade, said, "With a self-clearing model, Questrade will provide our clients with a more efficient and responsive brokerage experience. The transition to the new unit will be seamless. Becoming a carrying broker is a natural progression for the firm, given our continued growth and increased market share."
A self-clearing (or carrying) broker provides clearing, settlement and record-keeping services, such as transaction records, to its clients. The self-clearing business unit of Questrade Inc. is pending regulatory approval.
Questrade Inc. is a member firm of the Investment Industry Regulatory Organization of Canada (IIROC) and the Canadian Investor Protection Fund.
Questrade Inc., headquartered in Toronto, provides Canadians with high-speed, direct access trading in the U.S. and Canadian stock and options markets through its IQ trading platforms, as well as forex trading. Since 1999, the company has led the industry in delivering outstanding service, exclusive products and services, and competitive pricing. This commitment to innovation has appealed to independent investors, and for the past two years, the company has ranked as Canada's fastest growing online brokerage. In February, 2012, Questrade also earned the designation as one of Canada's 50 Best Managed Companies.
SOURCE: Questrade Inc.For further information: