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.


Read this next


US and South Korea seek extradition of Luna founder Do Kwon

Both US and South Korean officials are seeking to extradite Terraform Labs CEO Do Kwon, just hours after he was arrested in Montenegro.

Retail FX

Pepperstone UK doubles profit, client assets in 2022

The London-based entity of Australian FX broker Pepperstone has reported its financials for the fiscal year ending June 30, 2022. The group had outperformed the last year’s flat performance, having doubled revenues and boosted the broker’s bottom line and shareholders’ fortunes.

Institutional FX

CLS FX volume rises to just shy of $2 trillion in February

Foreign exchange settlement provider, CLS Group saw strong volumes in February 2023 as the banking crisis continues to weigh on a world economy that’s yet to fully recover from the Russia-Ukraine war’s shocks.

Digital Assets

Binance restores trading after 2-hour outage

Binance suffered a breakdown on its trading engine that lasted for about two hours, but the premier cryptocurrency exchange finally managed to restore normal operations at around 14:00 UTC.

Digital Assets

Tether earns $700 million in Q1, taking excess reserves to $1.6 billion

Tether chief technology officer Paolo Ardoino said the world’s largest stablecoin issuer expects to earn more than $700 million in the January-Mach quarter, which will be added to the reserve backing its stablecoin (USDT).

Digital Assets

Narwhal Finance Secures $1M in Seed Funding Led by Animoca Ventures

Narwhal Finance received strong support from Animoca Ventures and angel investors in a $1 million seed funding round, reinforcing the company’s vision of providing an accessible platform to all.


SteelEye tries ChatGPT for market surveillance

This capability can be used as a starting point for initiating a surveillance investigation and to standardize workflow processes to boost the throughput and consistency of cases. It is also useful when analyzing communications in foreign languages, as the system returns the above insights in English regardless of the languages being used.

Industry News

SEC charges ex-Morgan Stanley advisor of NBA players after $13m fraud

Darryl Matthew Cohen was arrested this week and is facing three different federal counts of fraud, which could amount to 20 years in prison if convicted, besides the SEC complaint. 

Industry News

AWS FinTech Africa Accelerator launched, applications until April 27, 2023

Founders will be offered tech resources, expert guidance, and a global network of industry leaders, technologists, entrepreneurs, investors, associations, and partners, in order to build their fintech products.