Clearing and custody firm Penson Worldwide, Inc., today announced that its subsidiary, SAI Holdings, Inc., intends to acquire Computer Clearing Services. The exact terms of the agreement were not disclosed.
Headquartered in Glendale, Calif., CCS is focused on the active/online trading market.
Penson says this acquisition underscores its increasing role in the global securities processing arena, expanding the global firm’s correspondent client base to over 225 correspondents.
“CCS’ focus on leading edge technology in the U.S. clearing space is an excellent strategic fit for Penson. Thanks to our focus on delivering flexible technology solutions to maximize efficiencies, reduce costs and improve Straight-Through Processing for our clients, Penson has matured from a clearing startup to one of the top five clearing firms in terms of number of correspondents in the United States, Canada and the U.K,” said Daniel Son, president of Penson Worldwide.
CCS correspondent clients will now gain access to Penson’s range of products and services including direct market access execution, historical and real-time market data to clearing, custody and settlement services.
The closing of the deal is subject to obtaining various consents and the fulfillment of certain conditions and is expected to occur during the third quarter of 2005.