The correspondent clearing firm rebuilding the invisible back office of U.S. markets - clearing, custody, and execution on cloud-native, real-time technology.
Every visible layer of trading has been rebuilt for the internet. Order routing runs in microseconds. Account opening is a form on a phone. But underneath all of it sits clearing - the unglamorous machinery that settles trades, holds securities in custody, and keeps the books straight between buyers, sellers, and the exchanges. For decades, that layer barely changed, run by a handful of firms on systems older than many of the traders using them.
RQD* Clearing is the entrant arguing that layer was overdue for a rebuild. Founded in 2021 and headquartered at 1 World Trade Center, the firm was spun out of an established options market maker, Volant, whose team knew the pain of legacy clearing firsthand. Rather than bolt an app onto old infrastructure, RQD* built a correspondent clearing platform entirely on cloud-native, real-time technology.
The result is a self-clearing broker-dealer, registered with the SEC and FINRA, that clears U.S. listed equities, options, and ETFs for other broker-dealers. Its systems are designed to behave more like modern software than a nightly batch job - with direct API integration for instant trade data, real-time reporting, and a platform that runs 24x5, from Sunday 8:00 PM to Friday 8:00 PM Eastern.
The pitch is blunt, and RQD* puts it in writing: legacy clearing firms have failed the market, and RQD* delivers the technology, solutions, and business model today's brokers expect. Whether that reads as confidence or provocation, the client roster and a Series A from serious investors suggest the market is listening.
Legacy clearing firms have failed the market. RQD* delivers the technology, solutions and business model today's brokers expect.— RQD* Clearing, company positioning
RQD* is a B2B business - its customers are other broker-dealers, not retail investors. Those clients serve retail, institutional, and active traders, and the roster also includes foreign financial institutions and proprietary trading firms. Publicly associated brokers and partners span modern names like Webull, Blue Ocean, Virtu Financial, Tradition, Investify, OpenCash, and TradingBlock.
The problems RQD* targets are the daily frustrations of running a brokerage on legacy rails: slow, batch-based data that arrives as an overnight report instead of a live feed; rigid systems that can't keep pace with regulatory change; onboarding that drags; and infrastructure that can't scale as a broker's book grows. RQD* answers with direct API access, real-time trade processing, automated account opening, and cloud elasticity.
A next-generation correspondent clearing platform for U.S. listed equities, options, and ETFs, with direct API integration for instant trade data processing.
Since 2021Custody solutions with security systems built for demanding regulatory requirements - automated account opening, real-time transfer status, and secure data handling.
Since 2021Multi-asset execution including smart order routing, trading algorithms, and ultra-low-latency direct market access (DMA).
Since 2022Margin financing, portfolio margin, and securities lending for broker-dealer clients scaling their books.
OngoingAutomated account opening and client onboarding tools that cut friction and speed up time-to-trade.
OngoingBuilt on Microsoft Azure for real-time processing, scalable architecture, and data security across the stack.
OngoingHow RQD* frames its edge against the incumbents that dominate correspondent clearing and custody. Figures reflect the company's public positioning.
| Dimension | Legacy clearing | RQD* Clearing |
|---|---|---|
| Architecture | Mainframe, batch-based | Cloud-native, real-time |
| Data access | Overnight reports | Direct API, instant feeds |
| Availability | Standard market hours | 24x5 (Sun 8PM–Fri 8PM ET) |
| Change velocity | Slow, costly upgrades | Frequent platform enhancements |
| Onboarding | Manual, lengthy | Automated account opening |
Illustrative comparison based on RQD*'s public materials, not a benchmarked ranking.
RQD*'s leadership pairs regulatory rigor with trading-technology depth - a mix the firm argues is rare among both legacy incumbents and newer fintech entrants.
Founder of options market maker Volant; built UBS' electronic volatility trading business and co-headed Goldman Sachs' European options market making.
Attorney by training; former SEC attorney and in-house counsel at ISE Holdings. Oversees strategy and firm-wide operations.
A team drawn from correspondent clearing, custody, PCAOB auditing, and decades of securities-industry risk and compliance experience.
RQD's achievements in such a short period of time are very impressive.— Hans Morris, Managing Partner, Nyca Partners
Clearing is a concentrated business. A small set of firms - names like Apex Clearing, Pershing, and Broadridge - handle much of the correspondent clearing and custody work behind U.S. brokerages, and switching providers is notoriously hard. That concentration is exactly the opening RQD* is built to exploit: a genuine new entrant with a from-scratch technology stack rather than an incumbent defending legacy revenue.
The model is B2B and volume-linked. RQD* earns on cleared trade activity, custody and interest-related services, securities financing, and platform access - charging broker-dealers rather than end investors. Backing that up: an October 2023 Series A led by Nyca Partners and ABN AMRO Clearing Investments B.V., a raise aimed at expanding services, extending global reach, and onboarding larger, more demanding clients.
We are pleased to support RQD in their growth story.— Jan Bart de Boer, Chief Commercial Officer, ABN AMRO Clearing
Spun out of options market maker Volant, RQD* debuts as a next-generation correspondent clearing provider at 1 World Trade Center.
RQD* builds out cloud-native clearing, custody, and execution on Microsoft Azure - adding smart order routing and low-latency DMA.
Raise led by Nyca Partners and ABN AMRO Clearing Investments B.V. to expand services and onboard larger clients.
RQD*'s platform processes billions of dollars of U.S. equity and options trading activity daily across a growing client base.
Sources: RQD* Clearing company materials, Series A press release, SEC filings, Crunchbase, PitchBook. Some figures are approximate or reflect the company's own positioning.