Millennium Advisors adopts self-clearing model
26 September 2025 US
Image: mcjanuald/stock.adobe.com
Millennium Advisors, a technology-driven fixed income broker-dealer, has revealed its move to transition to a self-clearing model to drive down the costs of trading.
The journey towards a more efficient settlement model coincides with a trend toward increased automation with higher volume in the bond markets, the firm says.
Laurent Paulhac, group CEO of Millennium, comments: 鈥淪elf-clearing provides us with the ability to scale our operations even more.
"Owning the clearing and funding workflow 鈥� combined with a unique blend of human and machine-powered trading 鈥� places us in an elite category among liquidity providers.
鈥淚t鈥檚 truly a game-changer, and we鈥檙e already eyeing up the opportunities in other business lines such as repo and securities lending.鈥�
According to Millennium, the credit market is becoming increasingly efficient, in part due to the growing adoption of technology by non-traditional liquidity providers across the fixed income market, including ETFs.
As a result, the firm will move to process all aspects of the trade clearing and settlement process internally, rather than through a third-party clearing firm.
Joe DeModna, head of global operations at Millennium, adds: 鈥淲hile self-clearing is not a novel concept, Millennium stands alone in its approach to operational efficiency.
鈥淭his focus dates back to the roots of the firm, which 鈥� long before it became fashionable 鈥� has always realised that technology, analytical, and operational superiority can drive significant pricing leverage. That鈥檚 good for us, and more importantly, great for our trading counterparties.鈥�
The journey towards a more efficient settlement model coincides with a trend toward increased automation with higher volume in the bond markets, the firm says.
Laurent Paulhac, group CEO of Millennium, comments: 鈥淪elf-clearing provides us with the ability to scale our operations even more.
"Owning the clearing and funding workflow 鈥� combined with a unique blend of human and machine-powered trading 鈥� places us in an elite category among liquidity providers.
鈥淚t鈥檚 truly a game-changer, and we鈥檙e already eyeing up the opportunities in other business lines such as repo and securities lending.鈥�
According to Millennium, the credit market is becoming increasingly efficient, in part due to the growing adoption of technology by non-traditional liquidity providers across the fixed income market, including ETFs.
As a result, the firm will move to process all aspects of the trade clearing and settlement process internally, rather than through a third-party clearing firm.
Joe DeModna, head of global operations at Millennium, adds: 鈥淲hile self-clearing is not a novel concept, Millennium stands alone in its approach to operational efficiency.
鈥淭his focus dates back to the roots of the firm, which 鈥� long before it became fashionable 鈥� has always realised that technology, analytical, and operational superiority can drive significant pricing leverage. That鈥檚 good for us, and more importantly, great for our trading counterparties.鈥�
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