UK-based clearing outfit Penson Financial Services (PFSL) is introducing a new outsourced settlement platform for institutional clients that utilises technology supplied by capital markets software house Coexis.
The introduction of the upgraded platform follows a year-long review by Penson of processes, products and service delivery standards and potential systems. As a result of this exercise, the Syn~ software platform - which offers order routing, settlement and reference data management - from Coexis was chosen to update the core hosted solutions for Penson institutional clients.
Operating under the Stars (Solution for Transaction Administration and Real Time Settlement) brand, the system enables Penson to deliver a series of pick and mix modules from which client firms choose in order to create a tailor-made, integrated and hosted service delivery system.
Alan Philpot, CEO of PFSL, comments: "Stars is designed to help institutional clients which outsource their Model A or fully disclosed clearing to Penson and is flexible and adaptable to their individual requirements."
He says the firm will introduce a similar service for retail clients later this year.