On behalf of the Interchange team, I’m excited to announce our latest product: Interchange Equities.

Equities is a vertically integrated equities execution, clearing, and custody platform — built from the ground up for broker-dealers, investment advisers and other financial institutions to build securities-based products on a real-time system of record.

This is a big deal for us, and we think it's a big deal for the industry. Here's why.

The Problem Nobody Talks About

Most of what passes for "modern" financial infrastructure is a real-time veneer over a decades-old batch-processing core. The API looks clean. The dashboard looks slick. But underneath, the system of record is a flat file that gets rebuilt after market close. Start-of-day positions are the source of truth. Intraday state is an approximation.

This creates problems that compound at scale: reconciliation breaks, data that drifts out of sync, cost basis that doesn't survive a transfer, and trade confirmations that look like they were designed decades ago. The industry has mostly accepted this as the cost of doing business, somewhat even proud of the “scaffolding” they’ve built over an 12-18 month period just to get to market. We didn't.

What We Built

Equities is not a wrapper around someone else's clearing and custody system. It's not a migration from a legacy platform. There’s no “service bureau” under the hood. It's a correspondent clearing and custody platform built from scratch — real-time, event-driven, and directly connected to the bare metal of the industry: DTC, NSCC, Nasdaq Stock Market, FINRA and others.

Every order, every fill, every settlement, every position update flows through a single, unified system of record that is current as of right now — not as of this morning's start-of-day file.

The entire platform is generated from a formal specification layer — APIs, state machines, event schemas — defined once and auto-generated across every surface. The result for correspondent clients is clean documentation, fast integration, consistent behavior, and fewer surprises in production. In fact, our sandbox environment is a 1:1 mirror of production.

What Equities includes:

• Correspondent clearing and custody for equities — whole share and fractional
• Direct market connectivity with configurable routing across multiple venues
• Real-time ledger, positions, and balances — always current, not reconciled after the fact
• Cost basis tracking and tax lot selling strategies — FIFO, LIFO, and custom tax lot selection
• Portfolio performance at high resolution, across accounts and correspondent programs
• Compliance screening integrated into the account lifecycle, with support for bring-your-own CIP/KYC vendors
• Beautiful, branded trade confirmations, monthly statements and tax forms

All of it API-first. All of it event-driven. All of it built to be embedded into the securities products our correspondents are building for their customers, designed to operate at scale.

One Platform

Earlier this year we launched Treasury — a fully-automated money market sweep product that keeps customer cash continuously invested with same-day liquidity and zero operational overhead.

With Equities, those two products share a single platform. Customer funds move seamlessly from yield-generating cash positions into equities and back. One account structure. One set of balances. One system of record.

The traditional model — separate vendors for cash management, execution, and clearing and custody, stitched together with reconciliation jobs and overnight batch runs — is what created the fragmentation the industry has lived with for decades. We don't think that model survives the next ten years, or even the next 5 years. And we're not waiting around to find out.

18 Months

A few well-known companies have gone self-clearing — building proprietary platforms, obtaining the memberships required to operate, and replacing their previous correspondent clearing arrangements. Even in those cases, the effort typically takes several years and produces a system designed to clear their own business, and that likely doesn’t include more complicated tax-advantaged account types.

Correspondent clearing — clearing for other broker-dealers and financial institutions, with their customers, their workflows, their operational and compliance requirements — is an order of magnitude harder problem.

From our first line of code to live correspondent clearing, the Interchange team built it in 18 months — including all of the necessary regulatory approvals from FINRA, DTC and NSCC. Not as a drop-in replacement for a batch file system, but as a modern, real-time platform designed from first principles.

We're proud of that, and we're just getting started.

Built for What's Next

Because the Interchange platform is formally specified and auto-generated, it has a property that matters more with each passing quarter: it's structurally legible to machines, not just humans.

We run our own private AI infrastructure — purpose-built models running on our own hardware, behind our own network, with no customer data leaving our environment. We're already using it to accelerate engineering, specify product features, and build tools we'll soon be putting in our clients' hands. More on this soon.

Open for Business

Interchange Equities is live.

If you're replacing a fragmented clearing and custody stack, launching an embedded investing product, or building modern investment experiences without the legacy operational overhead — we'd love to talk.

Request access and start building with Interchange today.

Michael H. Giles
Founder & CEO