Wells Fargo Securities has secured approval from the Financial Industry Regulatory Authority (FINRA) to offer self-clearing capabilities.
The self-clearing brokerage will provide additional financing and services solutions to alternative asset managers, according to Hedge Week.
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Wells Fargo Securities currently offers a range of prime brokerage services including financing capabilities, securities lending, custody and clearing services, fund administration, middle and back office support, capital introduction, futures execution, exchange trade and OTC derivatives.
Eamon McCooey, head of Wells Fargo Securities’ Prime Services, said: "By adding our self-clearing capabilities as well as maintaining our introducing broker model, we are taking the next thoughtful step in building out our prime services platform.
"These new capabilities fit within the strong risk infrastructure run by our experienced compliance and risk team members who ensure all regulatory requirements are met," he added.
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