Bell Direct appointed as Macquarie Equities Limited’s third party clearer

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Bell Financial Group (ASX:BFG) is pleased to announce its fully-owned subsidiary Third Party Platform Pty Ltd (TPP) has been appointed by Macquarie Equities Limited (MEL) to provide its Private Bank and Wrap Platform with third party clearing and settlement services.

TPP operates through its brand names Bell Direct, Desktop Broker and Bell Potter Online.

TPP will act as the third-party clearer for MEL using its proprietary technology, which has been providing settlement and clearing services to Bell Potter Securities since November 2020, following ASX approval in May of that year.

BFG Executive Chairman, Alastair Provan, said: “We are looking forward to building on our existing long-term relationship with Macquarie Equities Limited and look forward to managing its back-end settlement and clearing functions for its Private Bank and Wrap Platform. Our consistent investment in our proprietary technology and client service has been important in creating this new capability for TPP.”

The first migration from Macquarie Equities Limited to Bell Direct is scheduled for October 2021.

TPP CEO, Arnie Selvarajah, said: “This new line of business for BFG is a natural extension to our existing trading, settlement and clearing services for self-directed and advised clients as well as white label partners. We will now be in a position to provide third party settlement and clearing services for ASX and Chi-X trading participants.”

Mr Selvarajah concluded, “Bell Direct continues to evolve through the application of our proprietary technology and award-winning customer service. We’re excited to offer the market a new third party clearer to consider, one with a proven track record in providing third party services”.

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