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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