Ord Minnett partners with FinClear to deliver essential Foreign Exchange solutions and international payments ahead of US T+1 equity settlement changes

Sydney, 14 May, 2024 – FinClear, Australia’s leading independent technology and infrastructure provider for financial market access, today announced it will be extending its collaboration with Ord Minnett, one of Australia’s leading advice and investment services firms, to include wholesale foreign exchange and international payment services, complementing its existing execution and clearing services.

FinClear’s additional services will be critical to facilitate trading activities with Canada and the US, both of which move to a T+1 settlement cycle on 27 May & 28 May respectively. This compression in settlement times necessitates efficient foreign exchange solutions to ensure seamless, uninterrupted trading and financial transactions.

At a time when Australian investors are increasingly seeking international diversification, driven by a combination of a shrinking ASX and burgeoning US markets, which now account for 60.5% of total global equity market size, in Canada accounting for 2.5% of total global markets, these additional services will be crucial for Ord Minnett to meet these new global requirements.

Commenting on the extended partnership, David Ferrall, Founder and CEO of FinClear Group, said:

“We are delighted to extend our partnership with Ord Minnett as part of our drive to deliver efficiencies for wealth participants across both domestic and international securities and now also foreign exchange markets.

“FinClear’s position as Australia’s leading financial market access provider allows us to offer a full suite of services supporting our core clearing and settlement proposition. This partnership demonstrates our commitment to ensure our clients remain ahead of changing global market dynamics and can continue supporting their customers regardless.”

Karl Morris, CEO & Managing Director of Ord Minnett, commented on the partnership, saying, “Ord Minnett is pleased to offer clients competitive FX rates with same day international payment capability through our partnership with FinClear. This means our advisers and their clients can trade global markets with confidence their transactions will be settled on-time. FinClear’s approach to reducing settlement cycles and associated risks through its core clearing capability is a plus for our business.”

The partnership with FinClear provides Ord Minnett with the benefit of a range of comprehensive services that underscores FinClear’s commitment to delivering unparalleled value to its partners and clients.