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The Brazilian C6 Bank was granted a license to start a brokerage business in New York City, the C6 Capital Securities LLC. The license application was approved yesterday by FINRA (Financial Industry Regulatory Authority).
Headquartered in Sao Paulo, C6 Bank is a startup commercial retail bank that employs 400 people and focuses on medium and small companies along with individual clients. The C6 Bank will soon be offering a full platform of financial service as well, including traditional daily banking services. C6 Bank opened for business in Brazil in January, after being charted by the Brazilian Central Bank to operate as a full-service bank.
C6 Capital Securities LLC is authorized to start operating immediately. The operation wil be focused on institutional clients, such as investment firms, retail banks and pension fund companies, from the United States, Europe, Asia and Latin America. The company will offer corporate and sovereign fixed-income bonds, initially, and later on stocks, interest and currency (NDF) contracts from Latin-American countries, as well as derivatives.
The unit will be located on Lexington Avenue, on Manhattan's East Side, next to the C6 Bank's Analytics Excellence Center, charged with developing machine learning solutions for fraud detection and voice- and image-recognition, among other things. The C6 Bank will deploy its advanced data analysis to offer customized solutions for clients. To foster its analyctics center, C6 Bank has partnered with MIT (Massachusetts Institute of Technology) in iniciatives such as IDSS (Institute for Data, Systems, and Society), the international consortium CAMS (Cybersecurity at MIT Sloan), G-Lab (Global Entrepreneurship Lab) and A-Lab (Analytics Lab).
The company will not operate physical branches. Currently, the bank's app is available only to associates and invitees. But C6 Bank will start offering services to the general public on the second quarter.
C6 Bank will operate with an open architecture environment, distributing products from third parties besides its own, and is prepping a full range of financial services, for consumers and corporations.
The name of the C6 Bank was inspired by the versatility of carbon, the chemical element that underlies human life. Carbon forms light and strong alloys, forming technological or rare materials, such as carbon fiber and diamonds. The element is a metaphor for the bank's operating model in an open architecture, which presupposes partnerships with other companies for product distribution.
