Penson provides equity clearing for Euroz
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.
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
