Tuesday, Penson Worldwide Inc. (PNSN) announced that its US securities clearing unit, Penson Financial Services, Inc. or PFSI, has signed a long-term correspondent clearing agreement with TradeKing of Boca Raton, FL., a highly-rated, fast-growing, low-cost online stock and options broker.
"We are expanding rapidly, preparing for the next stage in our growth, and believe that Penson, with its strong capabilities and balance sheet, will provide the kind of scale and resources we need to build an even more robust offering going forward," said Don Montanaro, Chairman and Chief Executive Offier of TradeKing.
TradeKing intends to announce additional details for its customers closer to the time of conversion, which is expected in approximately the middle of the year. At December 31, 2009, TradeKing had 190,000 accounts, up 51% from year end 2008.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.