Start-Up Broker-Dealers and Secondary Clearing B-Ds
START-UP BROKERAGE FIRMS... FOREIGN AND DOMESTIC
It is always rewarding to work with the excitement and enthusiasm that comes from those who are creating and building new firms. While it seems no two start-ups have been alike, they all share an entrepreneurial spirit that is universal to new business development.
We pride ourselves on being a trusted source to help you navigate the FINRA NMA process and review the available vendor options as you take these first steps. We will provide candid advice and guidance along the way, in addition to strategic referrals to help expedite the process if desired.
In recent years we have had the pleasure of assisting multiple foreign-based firms looking to establish US broker-dealers. Calling upon our own past experiences serving an international client base, coupled with our current anti-money laundering specialist (AML) qualifications, this has proven to be a natural niche for Bedford and Main.
“PIGGY-BACK”, “CLEAR THROUGH”, “TRI-PARTY” CLEARING ARRANGEMENTS
Whichever name you may use to refer to these relationships, many small firms look to this option in order to maintain an independent broker-dealer registration. Historically, these are smaller broker-dealers in the early start-up stages, often on the cusp of becoming an introducing broker. They seek to obtain the systems and services offered by established clearing firms, but with fewer expenses.
This can be accomplished with an introducing broker acting as an intermediary. However, the majority of introducing brokers simply do not support these tri-party agreements.
Fortunately, Bedford and Main has an in-depth knowledge of the introducing brokers who do offer piggyback clearing services and their respective correspondent clearing firms. We can help match your business model with a high-quality firm that provides these services, or help you to pursue other options available to grow your firm.