2013-01-15 14:03:18 -
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/15/13 -- Credential Financial Inc. today announced that its wholly-owned subsidiary, Credential Securities, is now a self-clearing IIROC brokerage firm. This includes the Company's online brokerage firm, Credential Direct.
With this initiative, Credential Securities became a member of the Toronto Stock Exchange, the TSX Venture Exchange and all ATS markets in Canada, along with clearing depositories, CDS in Canada and DTC in the USA. Credential's new trade desk is based in Montreal and will provide clients and internal stakeholders the ability to execute equity, fixed income, foreign exchange and a number of other trading related products.
As a self-clearing broker, Credential now provides enhanced brokerage services including custody, clearing, settlement, and record-keeping. This increased control allows the Company to provide clients with further service efficiencies and customized and timely solutions.
"In today's evolving marketplace, our partners' wealth management services have increased in sophistication and continuing to innovate to meet their needs is our priority," said Doce Tomic, President and CEO, Credential. "Self-clearing will give us greater control and more flexibility to expand our investment product offerings to our partners and their clients."
"As a long-standing partner of Credential's, we're pleased to see this evolution in their business," said Rick Sielski, Chief Operating Officer, Member Services, Vancity. "Moving to a self-clearing model is yet another example of how Credential collaborates with business partners like Vancity to empower us to meet the growing wealth management needs and expectations of our members."
Over the past 20 years, Credential's continued innovation has allowed the Company to grow into a strong trusted Canadian firm, serving 225 organizations and more than 1,300 advisors across the country.
"By accomplishing this significant milestone, we are now even better equipped to work closely with our partners and deliver a differentiated client experience focused on excellence and empowering positive growth," said Tomic.
About Credential Financial Inc.
Credential Financial is a national wealth management firm, with over 20 years of experience in the Canadian financial services industry, offering a full suite of products and services to over 225 organizations and more than 1,300 advisors. Credential and its member companies (Credential Asset Management, Credential Securities, Credential Direct, and Credential Insurance Services) provide MFDA and IIROC dealer services, online brokerage, and insurance solutions to credit unions and independent financial institutions across Canada. For more information, visit www.credential.com.
Credential Financial Inc.
Manager, Strategic Communications