FinClear wins trading tech mandate

Burrell Stockbroking and Superannuation has chosen FinClear to replace ASX Best for its multimarket trading needs.

Multimarket trading terminal ASX Best will be turned off on September 30 and a number of specialist technology vendors have stepped in to replace the offering.

A spokesperson from the ASX confirmed to Financial Standard that ASX Best is retiring at the end of the month as providing multimarket trading terminals is not core to the ASX's business.

The ASX said it is assisting users in the transition and that only a handful of small market participants use ASX Best exclusively.

FinClear has partnered with Burrell Stockbroking and Superannuation to replace the ASX Best multimarket trading application with its TradeCentre offering.

ASX Best is a customisable multimarket trading application which provides access  across ASX and Chi-X markets as well as to CentrePoint and other ASX "dark" ventures.

Burrell chief executive Chris Burrell said FinClear TradeCentre has all the features to enable market participants to seamlessly continue trading as they transition away from the retiring ASX Best.

"Our firm's needs are straight forward - a stable, reliable market connection that allows us to trade on behalf of our clients with the least possible risk," he said.

"Our connection with FinClear goes back a number of years, and we're delighted to be able to implement this new solution into our business."

FinClear chief executive David Ferrall said TradeCentre was ideally positioned to replace ASX Best.

"TradeCentre isn't a new solution - it's been running stably at many of our clients for more than seven years, providing multimarket connectivity and acting as either a primary or backup order management system," he said.

"However now with ASX Best now having been withdrawn, we're seeing a big uptick in demand as market participants look for ways to protect themselves from failures and downtime in the event that the major providers experience outages."

TradeCentre provides multimarket connectivity, primary and backup OMS and a range of trading capabilities suitable for small and large Australian institutions.

Read more: ASXBurrell StockbrokingCentrePointChris BurrellDavid FerrallFinancial StandardFinClear TradeCentre
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