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Penson GHCO Name Changed to Penson Futures

^{Published on 2010-11-03 17:05:29 - Market Wire}
 

CHICAGO--([ BUSINESS WIRE ])--Penson Worldwide, Inc. (NASDAQ: PNSN) of Dallas today announced it has changed the name of its Chicago-based futures execution and clearing subsidiary from Penson GHCO to Penson Futures. The move signifies the next step by Penson Worldwide, the country's largest independent equities and options clearing firm, in expanding its footprint in the futures industry.

"We strive to get things done right, the first time. We are trusted advisers in helping our clients. And we have the technology clients today are looking for, including a variety of front end systems, DMA and API capabilities, and robust risk management."

Penson entered the futures industry in 2001 when it launched Penson Financial Futures to trade derivatives in the U.S. In early 2007, it acquired the clearing and execution business of futures commission merchant (FCM) Goldenberg Hehmeyer & Co. (GHCO) of Chicago. The business, named Penson GHCO, absorbed Penson Financial Futures and later that year acquired the assets of First Capitol Group LLC of Platteville, WI, another leading FCM.

Since being named President of the company in early 2010, John D. Streich, co-founder of First Capitol, has worked to significantly expand Penson Futures. The company has added new products and services, including a global futures execution desk, and, for the first time, broke the half-billion dollar mark in segregated assets. Since then, segregated assets have increased another 15%, to $577 million.

As part of the name change, Penson Futures has increased marketing, initiated an industry-targeted advertising program, and re-launched its website (now at [ http://www.pensonfutures.com ]). It also is expanding its business with introducing brokers and professional traders in futures, and institutions, ranging from banks, hedge funds, and pension funds, to commodity trading advisors, for execution services.

aWe want Penson Futures to be known for three simple things a" fundamental excellence, collaborative support and sound solutions,a said Mr. Streich. aWe strive to get things done right, the first time. We are trusted advisers in helping our clients. And we have the technology clients today are looking for, including a variety of front end systems, DMA and API capabilities, and robust risk management.

aAs the markets transitioned from open-outcry to electronic trading, technology became a top selling point. Today, the fastest, most comprehensive technology offerings are no longer a luxury. They are necessities. But that has not diminished the value of other services, such as research tools, easy-to-use reports and customer support, which can save traders precious time and money every day.

aAs a consequence, traders demand an FCM that is big enough to provide leading technology solutions and financial strength, but with the flexibility and service traditionally found at smaller FCMs. Penson Futures offers customers the best of both worldsa" the kind of individual attention you get from entrepreneurs, and the technology, capital and resources provided by a large global company like our parent corporation, Penson Worldwide.a

The Penson Futures Team

aWe are pleased to have assembled a talented management team with significant industry experience,a said Mr. Streich. aOur ability to serve clients is only as good as the people that lead us.a

• John Streich, President. Mr. Streich became President of in January 2010. Previously, he was a member of the firm's senior management team, having joined Penson in November 2007 when it acquired First Capitol Group, LLC, a non-clearing FCM that Mr. Streich founded in 2000. In 1995, he was elected to the board of directors of the National Futures Association (NFA) and the NFA Appeals Committee. Mr. Streich began his financial market career as a runner and assistant analyst at the Chicago Board of Trade (CBOT), and later led the sales team at a large brokerage. From 1985-1989, Mr. Streich was a floor trader and broker working with managed and international accounts.
• Denise Goldberg, Chief Financial Officer. Ms. Goldberg has more than 15 years of experience in the financial services industry, as a CFO and as a Certified Public Accountant, with a strong background in regulatory audit compliance and budgetary planning and process development. She was CFO of Goldenberg, Hehmeyer & Co. prior to its acquisition by Penson in 2007. Before that, Ms. Goldberg was Vice President and CFO at Tokyo-Mitsubishi Futures. Previously, she held accounting management roles with National Steel Corporation and Chicago Mercantile Exchange. Ms. Goldberg is a member of the Legal & Compliance Division of the Futures Industry Association.
• Ann Mulholland, Chief Information Officer. Ms. Mulholland brings significant futures clearing and execution experience to Penson. Prior to Penson Futures, Ms. Mulholland was the Executive Director, Client Solutions, at JP Morgan Futures, Inc. and held various leadership roles in technology and operations with Cargill Investor Services. Her experience has been focused on client driven solutions. She is currently leading the development of new products and services to improve client experience.
• Stephen Leone, Director, Global Clearing & Settlements. Mr. Leone, who joined Penson Futures in November 2008, brings more than 20 years of operations experience in the financial services industry. From 2001-2008, he was head of North American Customer Service, first with UBS Securities and then with J.P. Morgan Securities. From 1987-2001, he held a number of operational management roles at Cargill Investor Services.
• Tammy Botsford, Vice President, Deputy General Counsel. Ms. Botsford is the former Vice President and Assistant General Counsel of the Futures Industry Association, where she was responsible for facilitating the industrya™s legislative and regulatory initiatives. Previously, she was with Morgan Stanley for 10 years, most recently as Vice President and Counsel with responsibility for futures and commodities sales and trading support.
• Karl Fruecht, Vice President, Business Development. Mr. Fruecht most recently served at HSBC Securities as Managing Director, Head of Business Development. At Penson Futures, Mr. Fruecht is in charge of managing the sales team, building the Penson Futures brand throughout target markets, creating efficiencies throughout the sales process, and ensuring successful client on-boarding and on-going support.

About Penson Futures:[ www.pensonfutures.com ]

Penson Futures is a registered Futures Commission Merchant and clearing member at the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, Kansas City Board of Trade, Minneapolis Board of Trade, NYSE Liffe, and ICE Futures.

About Penson Worldwide: [ www.penson.com ]

The Penson Worldwide group of companies provides execution, clearing, custody, settlement and technology infrastructure products and services to financial services firms and others servicing the global financial services industry. The Penson Worldwide group of companies includes Penson Financial Services, Inc., Penson Financial Services Canada Inc., Penson Financial Services Ltd., Nexa Technologies, Inc., Penson Futures, Penson Asia Limited, and Penson Financial Services Australia Pty Ltd, among other companies. Headquartered in Dallas, Texas, Penson has served the clearing needs of the global financial services industry since 1995. Penson Worldwide - Building the Best Clearing and Execution Services Firm in the World.

Penson Financial Services, Inc. is a member of the New York Stock Exchange, NYSE Alternext, Chicago Stock Exchange, FINRA, the Chicago Board Options Exchange (CBOE), OneChicago, the International Securities Exchange (ISE), the NYSE Arca Exchange, the Options Clearing Corp (OCC), the MSRB, NSCC, ICMA, DTC, Euroclear, SIPC and is a participant of the Boston Options Exchange (BOX). Penson Financial Services Canada Inc. is a participating organization with the Toronto Stock Exchange, the Montreal Exchange, the CNQ Exchange and the TSX Venture Exchange, is regulated by the Investment Industry Regulatory Organization of Canada, is a member of the CIPF, CDCC and CDS and subscribes to various Canadian Alternative Trading Systems. Penson Financial Services Ltd. is a member of the London Stock Exchange and is authorized and regulated by the Financial Services Authority. Penson Financial Services Australia Pty Ltd is a member of the ASX Group, which operates the Australian Stock Exchange and the Sydney Futures Exchange. Penson Futures is a registered Futures Commission Merchant and clearing member at the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, Kansas City Board of Trade, Minneapolis Board of Trade, NYSE Liffe, and ICE Futures.

Forward-Looking Statements

Statements contained in this news release that are not based on current or historical fact are forward-looking in nature. Such forward-looking statements are based on current plans, estimates and expectations. Forward-looking statements are based on known and unknown risks, assumptions, uncertainties and other factors. Actual results, performance, or achievements may differ materially from any future results, performance, or achievements expressed or implied by such forward-looking statements. Penson undertakes no obligation to publicly update or revise any forward-looking statement.