FINRA okays Wells Fargo's self-clearing prime product
Latest news
FINRA okays Wells Fargo's self-clearing prime product 14 August 2014New York Reporter: Mark Dugdale
Image: Shutterstock
Wells Fargo Securities will go-ahead with the launch of its self-clearing prime brokerage platform after receiving approval from the Financial Industry Regulatory Authority (FINRA).
FINRA gave Wells Fargo Securities the nod to expand its prime brokerage offering to provide additional financing and services to manager clients.
The new self-clearing product, which has been in the planning since Wells Fargo bought San Francisco- and New York-based prime brokerage services and technology provider Merlin Securities in April 2012, will initially be focused as a prime brokerage offering within a US broker-dealer structure and adhering to regulatory margin rules.
Head of prime services Eamon McCooey will be in charge of the prime brokerage team, which consists of approximately 70 front-office personnel across sales, trading, capital introduction, relationship management, product development, transition/onboarding, and client services.
Wells Fargo has also brought in additional personnel within legal, risk, compliance, securities lending, operations and information technology to service the new product offering.
Commenting earlier this year, McCooey said: “Initially, we will be offering prime brokerage services for US-based assets but we anticipate having non-dollar capabilities by year end.”
“The asset classes that we will offer prime brokerage services (clearing, margining, securities lending) will include equities, listed options, convertibles, corporate and other DTCC-eligible asset classes.”
NO FEE, NO RISK 100% ON RETURNSIf you invest in only one securities finance news source this
year, make sure it is your free subscription to Securities Finance Times
Image: Shutterstock 