The U.K. move also extends capabilities to clients in Asia and the Middle East.
Clear Street has launched Clear Street U.K. in London, the first major step by the maker of cloud-native securities transaction services to expand beyond North America, officials say.
Clear Street’s product suite includes offerings for financing, derivatives products, execution services, and futures clearing.
Following approval by the U.K. regulator Financial Conduct Authority (FCA), Clear Street U.K. was named a Category 1, Ring-dealing member by the London Metal Exchange (LME), officials say.
“This membership places Clear Street among a select group with direct access to the LME’s iconic trading floor, known as the Ring, as well as electronic trading via LMEselect and the inter-office market,” according to the announcement. “The membership gives Clear Street access to global reference prices for the metals community and allows the Company to issue LME contracts, execute trades on behalf of institutional clients, and clear transactions.”
The U.K. move also “adds to our client service capabilities, particularly for many clients in Asia and the Middle East who value the Ring’s open outcry trading for official pricing,” says Chris Smith, CEO of Clear Street Futures, in a statement.
“We have made a number of fantastic hires here in London and we are enthusiastic to head into the new year with such a competitive and fast-growing team,” adds Jacinda Fahey, the new CEO of Clear Street U.K. and Europe, in a statement.
Last month, Clear Street launched its Equity Research Group, an initiative intended to provide market analysis and investment insights to its institutional client base, including investment banking and prime brokerage customers, officials say. Mara Goldstein is serving as director of research for the unit, which will focus initially on the disruptive technology, energy transition, and healthcare sectors.
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