Unlike the other corners of the industry, which have seen profound change and innovation, clearing has remained the same analog, mainframe, batch-process-driven industry for the past 20+ years, according to Michael Sanocki, CEO of RQD.
“Clearing, for lack of a better word, is broken. Legacy clearing firms have failed the market,” Sanocki told Traders Magazine.
Today’s clearing and custody solutions leave correspondents with increased risk, additional costs, minimal support, and an overall inability to meet the needs of modern financial institutions, Sanocki said.
He added, that modern technology, flexibility, efficiency, and real-time solutions are what’s required to fix it.
Sanocki mentioned cloud-native, server-less architecture that allows seamless customization and extension as well as real-time APIs to provide an ‘of the moment’ view into more than just account openings and transfers, but real-time margin, positions, balances and risk.
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