27 May 2018

Penson implements FTEN compliance surveillance system

10 December 2007  |  1415 views  |  0 Source: FTEN

Penson Financial Services (Penson), the U.S. broker-dealer and clearing services subsidiary of Penson Worldwide (NASDAQ: PNSN), announced today that it has implemented FTEN's TradeXaminer, a compliance surveillance system that enables Penson's correspondents to expand their business, supporting both more and larger trading groups while meeting today's growing level of market regulation.

Through its clearing services subsidiaries, Penson Worldwide currently clears for more than 250 correspondent broker-dealers including retail, institutional, and online trading firms, many of which specialize in executing sophisticated automated trading programs, such as "algorithmic" or "black-box" strategies.

Along with the growth of these complex, high-speed programs have come increased surveillance requirements from securities industry regulators to ensure market integrity. The FTEN TradeXaminer system is designed to meet the existing requirements and expand to keep pace with future compliance mandates.

"At Penson, we believe in being proactive. Our implementation of the TradeXaminer system enables Penson and our customers to expand trading volume while fully monitoring trading activity in the high-speed arena for all the elements of regulatory compliance," said Daniel P. Son, president and co-founder of Penson Worldwide.

Ted Myerson, president of FTEN, said "TradeXaminer was developed in response to FINRA requirements to provide visibility into trading behavior through a comprehensive set of market surveillance reports. These reports identify groups of trades meeting several classes of prohibited or manipulative trading patterns, including large groups of trades at the open or close of the markets; wash trading (simultaneous buying and selling at the same quantity and price), odd lots, and fictitious orders, among others."

"We are delighted to be assisting Penson and its customers in the critical area of trade surveillance with our state-of-the-art product," said Myerson. "Penson is sending a strong message to the market and its regulators that compliance and integrity are vital to investor confidence."

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