LONDON (UK)—1 October 2007—Penson
Financial Services Ltd (PFSL), the UK based clearing services subsidiary
of Penson Worldwide, Inc. (NASDAQ: PNSN), today announced that it has
incorporated Syn
as the mid- and back-office clearing and settlement
solution for STARS (Solution for Transaction Administration and Real
Time Settlement) for its institutional clients.
PFSL, an FSA regulated firm, provides a broad range of execution, settlement,
clearing and custody services to market makers, broker dealers and
private client wealth managers. Over the past year, PFSL has
reviewed its processes, products and service delivery standards and
evaluated potential systems. As a result of this strategic review,
Syn~ was chosen to update the core hosted solutions for institutional
clients. STARS will extend and improve PFSL's services to clients as
well as enable operational efficiencies.
Alan Philpot, CEO of PFSL, commented, "We are proud to have introduced our
new STARS institutional platform which is underpinned by Syn~. STARS is
designed to help institutional clients which outsource their Model A or fully
disclosed clearing to Penson and is flexible and adaptable to their individual
requirements. We look forward to signing up more institutional
clients to our STARS platform and introducing a new technology platform
for our retail clients later this year."
Sharron Davey, Director of Client Services, Sales and Marketing added, "At
Penson, we believe that technology is one piece of the client delivery equation. In
addition, we pride ourselves on our service infrastructure which supports the
implementation of our technology and focuses on the overall service delivery
to clients. In addition to introducing new technology products,
we believe that our high service standards differentiate Penson from
other outsourcing providers. "
Syn
's modern, flexible, rules and model-based architecture has assisted PFSL
to create a series of pick and mix modules from which client firms choose in
order to create a tailor-made, integrated and hosted solution.
"Syn
is a modern, scalable, settlement, order routing and reference data
management solution for firms wanting to provide tailored, hosted services to
individual clients in an efficient multi-client environment," said
Sunil Shah, Chief Executive Officer of Coexis.
- ends -
About Penson Worldwide: www.penson.com
The Penson Worldwide group of companies provides execution, clearing,
custody, settlement, and technology infrastructure products and services
to financial services firms and others servicing the global financial
services industry. The
Penson Worldwide group of companies includes Penson Financial Services, Inc.,
Penson Financial Services Canada, Inc., Penson Financial Services Ltd., Nexa
Technologies, Inc., Penson Financial Futures, Inc. and Penson GHCO, among other
companies. Headquartered in Dallas, Texas, Penson has served the clearing
needs of all types of broker/dealers since 1995. Penson is
The Flexible Choice in Global Financial Services.
Penson Financial Services, Inc. is a member of the American Stock
Exchange, Chicago Stock Exchange, the FINRA, the Chicago Board Options
Exchange, OneChicago, the International Securities Exchange, the
NYSE Arca Exchange, the Options Clearing Corp, the MSRB, NSCC, ICMA,
DTC, Euroclear, SIPC and is a participant of the Boston Options Exchange
(BOX). Penson Financial Services Canada, Inc. is a participating
organization with the Toronto Stock Exchange, the Montreal Exchange,
the TSX Venture Exchange, is regulated by the Investment Dealers
Association of Canada, and is a member of the CIPF. Penson Financial
Services, Ltd. is a member of the London Stock Exchange and is authorized
and regulated by the Financial Services Authority. Penson Financial
Futures, Inc. is a registered Futures Commission Merchant. Penson
GHCO is a registered Futures Commission Merchant and clearing member
at the Chicago Mercantile Exchange, Chicago Board of Trade, London
International Financial Futures Exchange, and ICE Futures.
About Syn
and Coexis:
Coexis, the creator of Syn
®,
provides next generation software technology and applications which
meet the dynamic business needs of the Global Capital Markets. Syn
applications take advantage of a rules-
and lifecycle-based approach which frees users from the high cost of
bespoke solutions and the rigidity of off-the-shelf packages. Applications
include Syn
Broker, Syn
Settlements, Syn
Customer, Syn
Funds, Syn
Struct and Syn
Clear.
Forward-Looking Statements
Statements contained in this news release that are not based on current or historical
fact are forward-looking in nature. Such forward-looking statements are based
on current plans, estimates and expectations. Forward-looking statements are
based on known and unknown risks, assumptions, uncertainties and other factors.
Penson's actual results, performance, or achievements may differ materially from
any future results, performance, or achievements expressed or implied by such
forward-looking statements. Penson undertakes no obligation to publicly update
or revise any forward-looking statement.
Contacts:
Julia Streets
Gordian Enterprises Limited
on behalf of Penson Financial Services
Ltd
T: 0845 402 5196
E: Jbt.streets@gordian-enterprises.co.uk
Andy Yemma or Erica Fidel
Intermarket Communications on behalf of Penson
Worldwide, Inc.
T: 212-754-5450 or 212-754-5448
E: andy@intermarket.com or erica@intermarket.com
Salli Roskilly
Saffron Communications Limited on behalf of Coexis Limited
T: +44 (0)1763 208708
E: salli(at)saffroncoms.com
Sunil Shah
Chief Executive Officer
Coexis Limited 1 High Street Rickmansworth
Herts WD3 1ET UK
T: +44 (0)1923 720477
E: sunil.shah(at)coexis.com
