Penson Worldwide, a leading provider of execution, clearing, custody and settlement services for the global securities markets and the largest independent clearing firm in Canada, today announced that Liquidnet Canada Inc. has selected Penson to provide the clearance and settlement of all U.S. equity trades executed by Liquidnet Canada's Members.
Liquidnet Canada Inc., the Canadian affiliate of Liquidnet, Inc., the world's #1 electronic marketplace for block trading, launched its operations in Ontario on July 29, 2004. Liquidnet Canada operates an electronic trading system for selected Canadian institutional firms, initially in Ontario, but with a view of receiving a registration in Quebec later in the year. Currently covering U.S. equities, Liquidnet Canada is expected to expand its offering to Canadian securities.
Eric LeGoff, President & COO, Liquidnet Canada, comments: "Liquidnet is committed to providing Canadian institutional Member firms with the ability to trade anonymously with U.S. and European institutions within the deepest pool of liquidity possible. To support our offering, we needed a back office global securities processing partner that operates flexibly, efficiently and cost effectively. Penson's modular approach, combined with its excellent customer service and superior technology matched our requirements."
Rick Ness, President, Penson Financial Services Canada, says: "Liquidnet's unique business model offers institutional investors significantly reduced execution costs within a highly competitive, liquid trading environment. Penson has an unrivalled reputation for putting customers first and delivering on the promise, and we will continue to provide outstanding service to all our customers."