April 16, 2012 – Vancouver, BC – After a lengthy review of the clearing arrangements for Credential Securities and Credential Direct, Credential Financial Inc. is pleased to announce its decision to move to a self-clearing model.
Over the past several months, Credential has conducted a thorough due diligence of the various options available. Credential’s Board of Directors has approved management’s recommendation that Credential Securities become a self-clearing dealer using our existing book of record system.
Over the past 17 years, Credential Securities and Credential Direct assets, accounts and transactional volumes have grown steadily to the point where Credential has the scale required to effectively operate a self-clearing business. This strategy provides the firm with increased control, efficiency and flexibility with manageable risk to its business, allowing it to deliver customized and timely solutions to its partners.
Detailed project planning with key milestones and deliverables is currently underway. Credential’s goal is to make this transition as seamless as possible for our partners. Fortunately, keeping the same book of record minimizes both the conversion risk and impact to partners, advisors, and clients.
Credential is very excited about this critical evolution of its IIROC business.
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.
For more information, please contact:
Armita Seyedalikhani, Manager, Strategic Communications
Credential Financial Inc.