For example, a retail broker could transfer orders to wholesalers through his clearing company, or an institutional broker related to the relationship could provide a white label to the algos of his clearing company. Ultralat Capital Markets is our subsidiary in the United States of America, the company is regulated and supervised by the Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA), Ultralat Capital Markets is not supervised by the Superintendencia Financiera de Colombia; Ultraserfinco S.A. Comisionista de Bolsa can offer the services of the Ultralat through the correspondence agreement approved by the Superintendencia Financiera de Colombia. Every clearing company we`ve talked to requires a minimum deposit, in most cases in the 100k to 500k range. Some companies had much higher basic requirements on this front, in millions or even tens of millions. Like the minimum revenue requirement, the minimum deposit was sometimes tied to the services we would use through the clearing company. Okay, so the clearing company Proof Services will be the director of the DTCC and will play a crucial role in ensuring that all customer transactions we do go smoothly, but there are actually many different types of clearing agreements, depending on the parties involved and that bear risks, even on the U.S. stock market. In addition, the countervailing broker often offers additional services beyond mere compensation. Then we will delve deeper into the specific clearing options on the U.S. stock market. From start to finish, this process of selecting a clearing company lasted about 10 months, although it started with the last four candidates in the last six weeks in the proposal/negotiation phase. In the end, we selected Apex Pro (formerly ETC) and we are very happy to work with them.
They have been excellent at dealing with during our evaluation process that we think, well reflects what it will be like to work with them once we are in service, and the references we got from our network were stellar. Our only ruling was that their disciplinary record was not quite clean, but it`s not that bad. With the recent acquisition by PEAK6, we are comfortable with their long-term financial outlook. Overall, we are pleased to have this decision behind us and we are very confident that this is the beginning of a long and fruitful business relationship! Ultraserfinco S.A. Comisionista de Bolsa is a correspondent in Colombia by MFS Investment Management, a global investment firm based in the United States and a subsidiary of Sun Life Financial of Canada, MFS was founded in 1924 and is considered a pioneer in investment funds. Through this agreement, our clients can access international funds on fixed income, equities and mixed income. Match compensation is a service that allows NSCC members to move a position from a broker (or representative) to another brokerage account (corresponding). In this sense, we want to share our experience in evaluating and selecting our compensation partner. As usual, this contribution reflects our experience in creating an institutional equity broker in the United States, although many of the clearing companies we have evaluated also serve as post-JC retail brokers and clarify other asset classes, so some of this information can be transferred. Finally, the countervailing broker can even offer the introductory broker execution services such as Direct Market Access (DMA), links with wholesalers or even a series of execution algorithms. One of the most important decisions for an emerging broker-dealer (which provides execution services) is to know with which clearing company. While the exporting broker or importer is hired by the client and makes decisions on how the securities should be traded on behalf of the client, the clearing company performs critical back-office functions to ensure that the transaction proceeds smoothly and successfully.