Penson Financial Services Ltd (PFSL), a leading independent provider of clearing services in the UK and a member of the Penson Worldwide, Inc. (NASDAQ: PNSN) group of companies, today announced the launch of its Contract for Difference (CFD) execution and clearing service.
Available across Europe, one Penson UK correspondent is already live with the product following a quick and smoothly-run implementation.
This launch is part of a strategy to expand the range of Penson products and meet demand expressed by both new and existing customers. With the addition of CFDs, Penson provides on-line access to exchange order books via Penson CFD Trader allowing clients to trade live market depth. Clients have access to realtime market prices, multiple order types, streaming news and market updates.
Clive Triance, CEO of PFSL, said: "CFD trading has rapidly become an established part of the global investors' toolkit. As we continue to broaden our services, we expect this product to be in demand from existing and prospective clients. The CFD product complies with market and regulatory requirements and will give PFSL correspondents the ability to expand their market offering through a single service provider."
The CFD product complements the established equity, fixed income, FX and derivatives asset classes that PFSL offers and provides a one stop shop for clearing and settlement services.