Penson Worldwide Settlement Ltd. (PWSL) has selected SunGard Securities Processing software to support its international clearing operations.
The move follows PWSL's recent accreditation by the Financial Services Authority to offer fully disclosed settlement and custody services in the UK and throughout Europe, following the approval of the European Union passport, expected in January.
The firm will begin using SunGard Phase3 internationally in the first quarter of 2002 to process US and European equities and fixed income securities on one platform.
Penson's US clearing broker has used Phase3 as its core clearing and settlement system in the United States since 1995.