RQD* Clearing created tens of thousands of fictional accounts and simulated 18 months of business for regulators in order for the cloud-based correspondent clearing provider to officially launch.
Michael Sanocki, chief executive of RQD, said the clearer was spun out of Volant Trading, an established market maker with regulatory approval. However, RQD had to file a continuing membership application with FINRA and also do testing with the DTCC, the US clearing infrastructure.
Sanocki told Markets Media: ‘That entire process took about a year and part of that was demonstrating the entire system.”
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