Penson Financial Services appoints Bill Yancey president and CEO

Prior to joining Penson, Mr. Yancey was President of Automated Trading Desk Brokerage Services, LLC, where he was responsible for proprietary trading as well as all sales and marketing. Before joining ATD in 2003, he worked at Southwest Securities in Dallas, rising to Executive Vice President responsible for all principal and agency trading operations in his 13 years there.

"We are delighted to welcome Bill back to Dallas and look forward to his strong leadership of our team as we continue to build Penson. As we begin our second decade, our goal remains to build the finest clearing organization for broker/dealers and investment advisers seeking a flexible approach to meeting their securities processing needs," said Daniel Son, President of Penson Worldwide. "Bill brings a tremendously rich background to Penson. He is widely recognized and respected throughout the securities industry, which will help to accelerate Penson's growth."

Bill currently chairs or participates in numerous STA and SIA committees and conferences. He currently serves as Vice Chairman of the Security Traders Association, and will be installed as the new Chairman for 2006 in October. Yancey previously served on the Nasdaq Quality of Markets Committee for 4 years, before completing his term in 2002. "I have known the management team at Penson for many years and have always enjoyed a terrific relationship with them. I now look forward to helping them continue to build the Penson organization and brand. I look forward to bringing my extensive industry background to such an accomplished provider of clearing and execution services," said Bill Yancey.

Mr. Yancey follows only Daniel Son, one of the firm's founders, as President of Penson Financial Services. Mr. Son will continue as President of Penson Worldwide, Inc., where he also serves on the Executive Committee, and has been named Vice Chairman of Penson Financial Services, Inc.