Penson Financial Services Canada Inc., a provider of execution, clearing, custody and settlement services for the global securities market, and the largest independent clearing firm in Canada, today launched its online, hosted Foreign Exchange trading system, Penson FX, across Canada and the U.S.

Aimed at traders within brokerage and investment management firms, Penson FX gives users real-time access to consistently competitive live prices on the global foreign exchange markets from their desktops. It also provides them with the ability to execute a trade on the given prices instantaneously via Penson with just a few clicks of their mouse.

Penson FX has been designed with an emphasis on flexibility. Traders will be able to monitor prices as well as execute trades. All major currency pairs and crosses are available for trading and cash settlement, spot or against equities. Clients can place market, limit and stop orders through the system.

Investment dealer Orion Securities Inc. is one of the first clients to go live with Penson FX.

“Penson FX fills a real gap in the market in which we operate. It gives us reliable access to consistently competitive FX prices available in real-time and the ability to act upon those prices quickly, direct from the desktop,” said Chris Salapoutis, COO, Orion Securities.

“The FX market is all about speed and volume. What makes Penson FX stand out from the crowd is the user-friendliness of its front-end and the ease with which traders can execute directly and quickly through Penson,” said Rick Ness, president, Penson Financial Services Canada, Inc.