Penson launches hosted FX service in North America

Penson launches hosted FX service in North America

Penson Financial Services, a provider of execution, clearing, custody and settlement services to securities firms has launched a hosted online foreign exchange (FX) trading system, Penson FX, in North America.

Penson says its hosted FX service provides users with real-time access to live prices from their desktops.

Traders will be able to monitor prices as well as execute trades. All major currency pairs and crosses are available for trading and cash settlement, spot or against equities. The system includes an instant messaging service which provides users with real-time contact with Penson's trading desk.

The vendor has signed existing client, Canada's Orion Securities, to the service for use at its professional and arbitrage trading divisions.

Commenting on the imlementation, Chris Salapoutis, COO, Orion Securities, says the system "gives us reliable access to consistently competitive FX prices available in real-time and the ability to act upon those prices quickly, direct from the desktop".

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