Consolidation across the clearing sector has resulted in less competition, fewer options for securities firms, and a broken system, says Michael Sanocki, CEO of RQD* Clearing, a new correspondent clearing provider.

Thus RQD’s mission is to reach out to firms that are “sorely underserved” and “ripe for disruption.” RQD, which officially launched last month, offers a suite of clearing, custody, and execution solutions for broker-dealers in the retail and institutional realms, and for active traders, foreign financial institutions, and proprietary trading firms.

The RQD platform has been live for six months and has been used by multiple broker-dealers for clearing U.S. equities, options, and exchange-traded funds (ETFs), accessed via an application programming interface (API). The cloud-native solutions are hosted on the Microsoft Azure cloud computing platform. Sanocki oversees the strategy and company-wide operations at RQD. FTF News recently got time with him to learn more.

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