Millennium Advisors adopts self-clearing model 26 September 2025US Reporter: Carmella Haswell
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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: “Self-clearing provides us with the ability to scale our operations even more.
"Owning the clearing and funding workflow — combined with a unique blend of human and machine-powered trading — places us in an elite category among liquidity providers.
“It’s truly a game-changer, and we’re already eyeing up the opportunities in other business lines such as repo and securities lending.”
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: “While self-clearing is not a novel concept, Millennium stands alone in its approach to operational efficiency.
“This focus dates back to the roots of the firm, which — long before it became fashionable — has always realised that technology, analytical, and operational superiority can drive significant pricing leverage. That’s good for us, and more importantly, great for our trading counterparties.”
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