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FinClear scores clearing mandate

In its first client acquisition since acquiring Pershing Australia, FinClear has signed an agreement to provide third-party clearing services to a global broker-dealer.

FinClear secured the deal with Velocity Trade, ending the latter's relationship with UBS.

The move, FinClear chief executive David Ferrall said, will present several synergies to both firms.

"Velocity is a global firm with great businesses and relationships in markets around the world," he said.

"We're delighted to welcome them aboard, and I'm sure that our two businesses will find plenty of mutual value as our relationship develops."

Velocity Trade managing director and head of APAC Spencer Davey said FinClear's reputation and breadth of services are a good fit for the business.

"FinClear has a well-established reputation in this market and has also been very approachable and flexible in working with us to achieve our needs," he said.

"We are really looking forward to working with the team."

FinClear is backed by Magellan Financial Group and VC firm King River Capital. It acquired Pershing Australia in June of this year.

Read more: FinClearPershing AustraliaVelocity TradeSpencer DaveyDavid FerrallKing River CapitalMagellan Financial GroupUBS