Discount brokerage Virtual Brokers has announced plans to become self-clearing.
“Self-clearing is a natural path for any successful brokerage firm. Our goal is to continue our ability to provide first class service with the lowest cost to our client,” says Bardya Ziaian, CEO and president of BBS Securities Inc. & Virtual Brokers.
Virtual Brokers is a division of Toronto-based BBS.
Virtual Broker has used Penson Financial Service Canada Inc. for clearing for the past four years.
“The transition will be seamless, smooth and there will be no interruption in our service to our clients. We are certain this will enable us to improve our service and keep our fees as low as possible,” adds Ziaian
Virtual Brokers’ self-clearing transition is subject to regulatory approval.