Macquarie Equities appoints Bell subsidiary as third-party clearer
Bell Financial Group has announced its subsidiary Third Party Platform Pty Ltd (TPP) has been appointed by Macquarie Equities Limited to provide its Private Bank and Wrap Platform with third-party clearing and settlement services.
TPP, which operates through its brand name Bell Direct, Desktop Broker and Bell Potter Online, was submitted as an ASX Clear Participant in May 2020. The platform has been providing settlement and clearing services to Bell Potter Securities Limited since 2020, after it was approved as a third-party clearer.
“We are looking forward to building on our existing long-term relationship with Macquarie Equities Limited and look forward to managing the back-end settlement and clearing functions for its Private Bank and Wrap Platform,” said Alastair Provan, Executive Chairman at Bell Financial Group.
“Our consistent investment in our proprietary technology and client service has been important in creating this new capability for TPP.”
Arnie Selvarajah, CEO of TPP, said this partnership has helped to position the platform to now be ready to provide third-party settlement and clearing services for ASX and Chi-X trading participants.
“This new line of business is a natural extension to our existing trading, settlement and clearing services for self-directed and advised clients as well as white label partners,” he said.
The first migration from Macquarie Equities Limited to Bell’s Third Party Platform is scheduled for November 2021.