Penson Financial Services Australia expands into execution services

The company also plans to market its services in the APAC region

Penson Worldwide's Australian clearing subsidiary, Penson Financial Services Australia (PFSA), has broadened its offering to provide execution services, in addition to clearing, settlement and custody, to ASX Market Participants and holders of Australian Financial Services Licenses (AFSLs).

The firm also plans to begin marketing its services throughout the Asia Pacific (APAC) region.

PFSA commenced third party clearing operations in December 2009 and has grown to a total of eight correspondents, including Ord Minnett, its first, and Wilsons HTM, Euroz, Austock and D2MX, among others.

PFSA said that four firms - Ark Equities, Gleneagle Securities (Aust), and Helmsec Global Capital, all of Sydney, and Carnbrea & Co of Melbourne - have signed as execution clients, and that 35 clients of PFSA's clearing correspondent D2MX are expected to transition to the new Penson execution business.

PFSA also announced that its domestic execution and clearing services will be marketed throughout the APAC region.