TradeFreedom extends Penson clearing services contract
Penson Financial Services Canada, a subsidiary of Penson Worldwide, Inc. (Nasdaq: PNSN), a leading provider of execution, clearing, settlement and custody services for the global securities markets, announced today it has extended its introducing/carrying broker agreement with TradeFreedom Securities Inc.
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This agreement, which is in effect until 2009, covers all clearing and back office services.
Established in 1999 and a Penson client from the beginning, TradeFreedom is a leading online broker in Canada. TradeFreedom provides active traders, investors and institutions with sophisticated online brokerage services, support and training, including instant direct access execution of U.S. and Canadian equities, options, futures and foreign exchange.
Bruce Seago, President, TradeFreedom Securities comments: "The ability to outsource our clearing operations to a specialized correspondent provider is key to our future growth and success. Penson allows us to stay focused on our core competencies allowing us to address the needs of our active traders and investors."
John Skain, Senior Vice President of Penson Canada comments: "As TradeFreedom continues to grow, the need for efficient and flexible back office securities processing becomes increasingly important. We are pleased with TradeFreedom's decision to extend its clearing arrangement with Penson and are committed in continuing to deliver superior services, backed by leading edge technology and expert customer care."