A startup that aims to shift capital markets trading from mainframes to modern infrastructure just raised $270 million.
Clear Street has raised fresh funding – including from market maker IMC Financial – to replaced outdated infrastructure through its prime brokerage and clearing systems, which will help with “maximizing returns and minimizing risk and cost for clients.”
Clear Street is building the “modern infrastructure” for capital markets – and just raised a boatload of fresh funding to help the US securities industry break away from mainframe technology.
Its platform integrates clearing, custody, prime financing, and execution for US-based institutional investors, with real-time processing (versus the traditional batch processing), automation, and integration of data.
“Today our platform supports US equities and options, but the goal is to be a single-source-of-truth that supports any asset class, any geography, for anyone,” chief operating officer Andy Volz told Insights Distilled.
While the company declined to name specific customers, it said that its prime clearing platform currently processes about $10 billion in daily notional trading value, or about 2.5% of the US equities volume.