Fidelity Investments' clearing business, National Financial Services (NFS), is planning to offer a processing and operations outsourcing service to self-clearing broker-dealers--a sizable market segment. The strategy, announced last week, is similar to that employed by Broadridge Financial Solutions.
NFS president and CEO Norman Malo said the new outsourcing unit is about three months away from testing the platform with its first client--a self-clearing broker currently using technology from one of the top three trade processing vendors. "We're now about six months away, hopefully, from delivering the first client onto the platform," Malo said.
|
