Clear Street, a cloud-native financial technology firm aiming to modernise the brokerage ecosystem, today announced the formal launch of Clear Street UK, following recent Financial Conduct Authority (FCA) approval.
Clear Street UK was also approved as a Category 1, Ring-dealing member by the London Metal Exchange (LME).
The launch of Clear Street UK is a pivotal step in Clear Street’s expansion plans outside of North America, throughout the UK and into broader markets, including across Europe.
Ed Tilly, President and CEO-Elect of Clear Street, commented:
“We are building a global, full-service institutional business powered by our cloud-based, financial technology platform and our best-in-class teams who provide financing, derivative products, execution services and more, empowering our clients for success across geographies, asset classes and mandates. The UK is a critical market for us as a financial hub worldwide and a gateway to Europe and beyond. We are excited to make our mark official in the UK, with its transparent, strong and proven regulatory framework, liquid markets and vast institutional investor population.”
Clear Street has been approved as a Category 1 Member at the LME, the world’s oldest and largest market for industrial metals, a group that formerly had just seven members. 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. 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 seamlessly.
Regarding the LME membership, Chris Smith, CEO of Clear Street Futures said:
“This is a significant milestone in our global growth strategy which immediately 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. With a dedicated London-based team in place, we are confident in our ability to deliver exceptional value to clients across EMEA, Asia and beyond.”
