(September 21 – 11:15 ET) – Penson Worldwide, Inc., a large U.S. clearing firm based in Dallas, Texas, has acquired ECE Electronic Clearing, Inc. The electronic clearing firm, with offices in Toronto and Montreal, will become Penson Financial Services Canada, Inc.
Penson says the firm will provide exclusive and individually tailored fully disclosed and comprehensive financial clearing services to Canadian independent brokers, investment managers, and financial planners. Penson says it brings to Canada a U.S. style of independent clearing services using technology that can raise the standard for customer service while lowering the cost to Canadian brokers.
“We believe that this transaction will enable us to provide a higher level of service to our customers through the use of Penson Worldwide’s advanced information technologies access to capital and proven expertise,” said Richard Ness, president and COO of Penson Financial Services Canada, Inc. “Being a fully licensed broker, member of the TSE, IDA and CIPF, Penson will be able to help mutual fund dealers to cope with new MFDA regulations or step up into the world of Investment Dealer Association of Canada.”
ECE Electronic Clearing was created in 1999 by Raymond Desormeaux, chairman and CEO and Richard Ness, president and COO. It offers all four types of IDA clearing relationships, as well as services to create new brokerage firms
“The ECE team brings unique assets to speed up our growth in the Canadian financial market and will help us offer our financial clearing services on a broader basis in Canada, the U.S. and Europe,” said Daniel Son, president of Penson Worldwide, Inc.
-IE Staff