ThinkMarkets changes trade clearing partner in Australia in times of ‘meme trading’

Rick Steves

The multiasset trading platform is taking the steps to stay ahead of the competition in Australia, especially in these times of extreme volatility. Choosing the right trade clearing partner is now key to a sustainable business.

Australia unveiling new law to decimate smaller FX firms

Retail FX brokerage ThinkMarkets has selected FinClear as its trade clearing partner in Australia.

Tony Lynch, Chief Operations Officer at FinClear, commented: “The diversification into this type of business has been a significant source of growth for us. Because we own the full clearing technology stack and service chain from the end-user to the exchange and through to clearing and settlement, we are able to service fintech companies far more efficiently than anyone else. As a result, we’ve had a surge in demand for this part of the business.”

FinClear hosts, trades, clears and settles securities for banks, financial advisers, stockbrokers, and ever increasing interest from technology firms over the past year. FinClear’s proprietary API trading technology via cloud-based open ecosystem is developed, built, and maintained in Australia.

“Our systems have always been delivered to our clients via API, but this is the first time we have implemented a direct API for a client. It makes much more sense for companies like ThinkMarkets to use a ready-made solution like ours rather than incur the expense and maintenance of building one themselves, and we’re delighted to be supporting the burgeoning of consumer-friendly fintechs in this country”, Lynch added.

ThinkMarkets offers a multi-asset, global trading experience via its proprietary ThinkTrader platform to retail investors. Nauman Anees, Chief Executive Officer at ThinkMarkets, said:  “We are pleased with FinClear’s ability to provide wholesale trading access more efficiently than anyone else in the market, to allow us to best serve our clients.”

The multiasset broker was one of the first established trading companies within the industry to add bitcoin and cryptocurrency trading to their CFD offering. That was back in September 2017, prior to that first bullish run that took the whole by surprise and led Bitcoin to a record high around $20,000. This year, the number one digital asset trades above the $40,000 after news that Tesla bought $1.5 billion in Bitcoin.

 

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