Clearing Firm Conversions

Converting from one clearing firm to another is often a monumental but necessary endeavor to improve the success of your firm. Having experienced support from an advocate for your business to help manage this change will minimize the negative impact on productivity during and after this process. Not only can Oyster help you decide which clearing firm is right for you, we can also provide support to help your firm to successfully execute the conversion in a timely and cost-efficient manner.

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Oyster’s subject matter experts can provide advice, guidance and man-power on the following initiative components:

  • Memo of Understanding outlining conversion responsibilities and processes between the new clearing firm and the old
  • GAP Analysis of Services and Systems
  • Project Plan Creation or Validation
  • Go/No Go Criteria (Readiness Assessment)
  • Common Hurdle Identification (Contingency Planning)
  • Books and Records Validation Approach
  • Data Requirements and Mapping
  • Coordinating Ongoing Support Requirements for previous clearing firm
  • Testing and Validation
  • Communication Plan
  • Training Plan
  • Goal Measurement and Achievement (Key Performance Indicators)
  • Process Model Documentation
  • Service-Level Agreement Parameters
  • Policy and Procedures (Written Supervisory Procedures) creation
  • Expertise and support across all areas of Conversion and Processing

The Oyster Difference

Oyster consultants have a diverse background spanning many clearing firms and have been through many complex migrations throughout their careers as standalone events and during mergers and acquisitions.