View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. Technology
November 2, 2009

Penson Enters Into Outsourcing Agreement With Broadridge Financial

For technology services and selected processing functions

By CBR Staff Writer

Penson Worldwide, that provides execution, clearing, settlement, custody and technology products and services to the global financial services industry, has entered into a global strategic relationship with Broadridge Financial Solutions. The relationship is expected to significantly expand revenues and margins of Penson’s securities clearing and execution businesses.

The relationship is based on a series of agreements that involve, Penson acquiring the clearing contracts of Broadridge’s Ridge correspondent clearing and execution business for consideration in the form of a promissory note and stock, if needed, Broadridge providing certain financing, Broadridge supplying technology and certain processing functions on an outsourced basis for Penson’s US, Canadian and UK securities clearing brokers and the two companies offering each other’s services to various customers and prospects on a global basis.

Penson co-founders, CEO Philip Pendergraft and president Daniel Son, said: “We will add significantly to our correspondent and revenue base, and improve our scale and operating leverage, leading to higher overall margins. This is an important step towards our vision of building the pre-eminent independent clearing and execution services firm.”

Content from our partners
How designers are leveraging tech to apply the brakes to fast fashion
Why the tech sector must embrace faster, smarter talent recruitment
Sherif Tawfik: The Middle East and Africa are ready to lead on the climate

Topics in this article :
Websites in our network
Select and enter your corporate email address Tech Monitor's research, insight and analysis examines the frontiers of digital transformation to help tech leaders navigate the future. Our Changelog newsletter delivers our best work to your inbox every week.
  • CIO
  • CTO
  • CISO
  • CSO
  • CFO
  • CDO
  • CEO
  • Architect Founder
  • MD
  • Director
  • Manager
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.
THANK YOU