(14 April 2011 – Australia) HSBC Securities launched its Agency Clearing service in Australia this month, offering the country’s broker dealers a place to send back-office operations.With this new offering, HSBC will act on behalf of broker dealer clients in the clearing and settlement of trades executed on the Australian Securities Exchange while the broker dealers will continue to handle trade execution, affirmation and confirmation of securities.
Head of HSBC Securities Services Australia Andrew Bastow said the new service would further strengthen the company’s position as a one stop solution provider for securities services in Australia.
“Broker dealers will be able to structure their business models in a more flexible way,” he said.
HSBC operates in 40 markets in Asia-Pacific, Europe, the Middle East and Latin America, the company has been a leading sub-custodian in Australia for foreign clients investing in Australia since 1991.
HSBC global head of sub-custody and clearing Colin Brooks said the company can generate economies of scale that make it a compelling proposition for broker dealers to outsource their back office operations.