Clearing house agreement
Penson Financial Services Australia (PFSA) has signed a five-year agreement with Austock Group subsidiary Austock Securities to provide the company with clearing services for its equities and exchange traded options.
This is PFSA’s fourth agreement with a financial services business since it was launched in late 2009 by its parent company, Penson Worldwide.
The chief executive and managing director of PFSA, Craig Mason, said the group was delighted Austock chose PFSA as its exclusive provider of clearing services, and noted the company’s clearing model was gaining momentum in the Australian market.
The executive vice president of Penson Worldwide, Bryce Engel, said the company was excited by the opportunities in the Australian market in coming months.
Austock Group stripped itself of unprofitable businesses in 2009, including Austock Asset Management and Australia Pacific Exchange, following a net loss of $20.9 million for the 2008-09 financial year. Its total funds under management remained stable at $972 million in late 2009, according to the company.
AUTHOR
Benjamin Levy
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