The collapse this week of stockbroking firm BBY is a "perfect reason" for investors to use an independent cloud product to store data, says Sharesight.
Trading clients of BBY are scrambling to find new stockbrokers after the company announced it had appointed KPMG as an administrator on Monday.
According to a report by the ABC, BBY was forced to shut down its options trading business by ASIC and the ASX last week due to a shortage of working capital.
As a result, some clients could have their positions forcibly closed by the ASX – which could result in large crystallised losses.
But clients of BBY who happen to also be using Sharesight's software may have dodged a bullet, says the software provider.
"A good chunk of BBY's clients out of their Perth, Adelaide and Brisbane offices are on Sharesight's cloud-based portfolio management product," a spokesperson for Sharesight said.
Sharesight managing director Doug Morris said BBY's failure is actually a "perfect reason" to use cloud-based data storage.
"Regardless of what happens to BBY, [client] portfolios will continue to live on in Sharesight (even if they're not paying their invoice).
"They can be transferred to the end client, absorbed into another broker's Sharesight account, or picked up by individual brokers and BBY staff as they get jobs elsewhere," Mr Morris said.
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