Gemini Earned FINRA Approval To Operate As An SEC-Registered Broker-Dealer & SEC Issues Proposal For Clearance and Settlement of Securities
Gemini Galactic Markets recently earned FINRA approval to operate as an SEC-registered broker-dealer. An affiliate of Gemini Trust Company and new FINRA member, Gemini Galactic can now serve as an alternative trading system to manage digital securities trading for its clients.
The Delaware-based company is a regulated cryptocurrency exchange, wallet, and custodian focused on providing a regulated venue to buy and sell digital securities as “an important part of the blockchain ecosystem…we’re excited to expand our offerings in lockstep with the growth and maturity of the industry,” according to the company’s announcement. Gemini Galactic aims to operate a secure, compliant trading platform and expand its product offerings for users.
As a leader in blockchain innovation, ABC Tokens cheers other companies interested in expanding the digital asset ecosystem. When it comes to growing opportunities for crypto investments, the more we see into the market, the more we know adoption is increasing. So we are pleased to see Gemini Galactic earn FINRA approval and take the next step in this fantastic blockchain world.
SEC Issues Proposal to Reduce Risks in Clearance and Settlement of Securities
The Securities and Exchange Commission recently issued a proposal designed to reduce risks in the clearance and settlement of securities, shorten the standard settlement cycle and decrease overall chances in the financial system. In particular, the proposed rule change would reduce the typical settlement cycle for most broker-dealer transactions in securities from two business days after the trade date to one.
Likewise, the potential rule change is intended to spur greater market efficiencies, reduce the margin counterparties needing to post with clearinghouses, and require fully automated transactions processing.
As a company dedicated to supporting liquidity and creating transparency for investors, we are definitely in favor of this proposed rule change and believe it is a vital step in the right direction. We support a shorter settlement cycle and anything that furthers profits and progress within the industry.
The SEC noted that the “proposed changes are designed to reduce the credit, market and liquidity risks in securities transactions faced by market participants and U.S. investors. Accordingly, a public comment period is open for 60 days following publication of the proposing release on the SEC’s website or 30 days following publication in the Federal Register, whichever period is longer.