Jersey City, N.J.-based Pershing LLC Wednesday announced the membership of Pershing Securities Canada Ltd. (Pershing Canada), its new Canadian affiliate, with the Toronto Stock Exchange.
Pershing says it will be rolling out its custody, clearing and execution services to Canadian advisors and broker-dealers later this year.
“We have been working with the Canadian financial community for more than 35 years. Now with the launch of our Pershing Canada affiliate, we can provide a full array of custody, clearing and execution services to the Canadian investment community,” says Frank LaSalla, CEO of Pershing Canada, and managing director at Pershing. “This launch is a logical extension of our global strategy and affords us the opportunity to deepen the relationships we’ve already developed in the Canadian market.”
Pershing Canada says it has successfully completed its initial testing and has planned a phased launch that will start with its first client (Pershing LLC in the U.S.) being brought onto the platform in the fourth quarter of 2012. The firm then plans to begin the process of adding Canadian firms who are regulated by the Investment Industry Regulatory Organization of Canada (IIROC). Pershing Canada plans to first offer its solutions to institutional firms that are IIROC members, followed by retail-oriented IIROC members.
In addition, Pershing is planning the development of a new office in Toronto. The Pershing Canada team will serve customers in the institutional and retail broker-dealer community as well as the investment advisor space in Canada.
Pershing LLC, a BNY Mellon company, provides services from 23 offices worldwide to more than 1,500 institutional and retail financial organizations and independent registered investment advisors.
Pershing Candaa was admitted to IIROC in March 2011, and earlier this year was approved as a dealer by CNSX Markets Inc