Penson Worldwide’s Australian clearing subsidiary, Penson Financial Services Australia, has signed a three-year agreement to provide equities clearing services for Perth-based Euroz Securities, a process that is already underway, Penson announced.
Penson commenced clearing operations seven months ago and Euroz represents the sixth correspondent broker dealer Penson has signed in that time.
Penson is recognised as a viable alternative, particularly among mid-tier full service brokerage firms, to larger competitor firms, according to Penson Financial Services Australia’s managing director and chief executive, Craig Mason.
“Because we are global we can be a true asset in helping our correspondents implement their growth strategies both inside and outside of Australia,” he said.
