Business & Finance
Business and Finance
Business and Finance
Wed, May 11, 2011 Penson Introduces aThe Future of Correspondent Clearing in Canadaa
TORONTO--([ BUSINESS WIRE ])--Penson Financial Services Canada Inc., a member of the Penson Worldwide, Inc. (NASDAQ: PNSN) group of companies and the leading independent provider of correspondent clearing services in Canada, announced today the implementation of a new technology platform that is expected to impact the way retail and institutional brokerage firms and portfolio managers in Canada conduct their business.
"This is the future of correspondent clearing in Canada"
aThis is the future of correspondent clearing in Canada,a said John Skain, President & CEO of Penson Financial Services Canada. aOur new technology platform will help our clients streamline their business, reduce costs and increase flexibility a" from prospecting for new business, to order capture and execution, confirmation, settlement, accounting, and customer service. It will provide maximum flexibility, enabling correspondents to plug in virtually any additional third party technology of their choice.a
Pensona™s new technology suite, which has already been rolled out to existing clients, has been specifically tailored to the Canadian market. It is delivered over the internet or internal company intranets, and can be branded with a correspondenta™s name and logo. It also enables Penson to expand marketing to a wider range of brokerage firms in Canada that have traditionally used a self clearing platform. This would be the first time this segment of the industry would be able to fully utilize an independent, third party clearing firm.
The launch follows Penson Canadaa™s successful conversion of its securities processing and financial services technology to the Broadridge Financial Solutions, Inc. (NYSE: BR) platform.
Pensona™s aFuture of Clearinga Highlights
Aspire Investora" Easy-to-use customer web portal that provides correspondentsa™ clients with online portfolio information, research tools, and messages.
Aspire Brokera" Comprehensive broker desktop that provides an intuitive and powerful working environment, including account reports, money line reports, research and order management tools. Aspire is fully globalized, and localized to serve both Penson Canadaa™s English and French-speaking correspondents.
Client Account Request System (CARS)a" A real-time straight through platform processing directly into back office books and records. Instead of emailing or faxing client requests, correspondents can simply point and click to effect changes immediately, corresponding directly with the back office.
PostEdgea" Electronic document archival and e-presentment solution that allows correspondents to request, retrieve and store virtually any firm or client reports as well as supporting web based electronic presentment of statements, confirmations and tax slips to clients and ago-greena electronic delivery. Reports can be standardized or customized, and all are extensively searchable. Reports can be modeled so users can apply filters to return desired results.
Events Management Application a" Online automated re-org system that electronically allows for inputting client instructions and monitoring all client elections.
About Penson Financial Services Canada:[ www.penson.ca ]
As Canadaa™s leading independent carrying broker, Penson offers custom, service-focused solutions that are both innovative and economically attractive. Such an adaptable product offering makes Penson a clear choice for a wide variety of financial institutions in the Canadian marketplace.
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 FINRA, New York Stock Exchange, NYSE Arca Exchange, NYSE Amex Equities, NYSE Amex Options, BATS Exchange, Direct Edge Exchanges (EDGA and EDGX), Chicago Board Options Exchange (CBOE), Chicago Stock Exchange, International Securities Exchange (ISE), NASDAQ OMX BX, NASDAQ OMX PHLX, NASDAQ Stock Market, NASDAQ LIFFE, LLC, National Stock Exchange, Options Clearing Corp. (OCC), Fixed Income Clearing Corp. (FICC), MSRB, National Securities Clearing Corp. (NSCC), DTC, ICMA, Euroclear, and SIPC. 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 holds an Australian Financial Services License and is a Participant of ASX Limited, Australian Clearing House Pty Limited, ASX Settlement and Transfer Corporation Pty Limited. 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.
Penson 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.
