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Article: Canadian Clearing Push By Fidelity Faces Hurdles.(Wealth Management)

Article from:
American Banker
Article date:
September 25, 2009
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Copyright

Byline: Matt Ackermann

Fidelity Investments of Boston has launched a Canadian clearing business, but it will have its work cut out to gather share in a market dominated by three players.

Fidelity Clearing Canada ULC was introduced Thursday to provide clearing, custody and back-office services to Canadian brokerages and the Canadian brokerage arms of U.S. companies, according to Richard N. Hart 3rd, a senior vice president of Fidelity's U.S. clearing arm, National Financial.

In an interview Wednesday, Hart said there has been "increased demand from U.S. customers with an established Canadian presence or from those thinking about establishing a ...

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