NASDAQ TO OFFER EUROPEAN TRADING ACCESS THROUGH PENSON

 

Posted June 30, 2009

 

LONDON – Nasdaq OMX Europe has announced its first Sponsored Access partnership with execution, clearing, settlement, custody and technology products and services provider Penson Worldwide Inc. (Nasdaq: PNSN).

 

With the partnership, firms will be able to access high-volume, European blue chip stock trading through Penson’s UK unit, Penson Financial Services Ltd., without being direct members of Nasdaq OMX Europe.

 

“We believe this is a mutual opportunity to offer an extremely competitive service in what we know is a keenly sought after space,” says Charlotte Crosswell, President of Nasdaq OMX Europe.

 

Sponsored Access enables trading participants to give their clients the ability to connect directly to Nasdaq OMX Europe, providing access to its advanced matching and routing services, without compromising risk control.

 

“The ability of Penson to provide Nasdaq OMX Europe Sponsored Access with no added latency presents a great opportunity for Penson to assist its 300 global correspondents expand their trading and product offering,” says Dan Weingarten, co-head of Global Sales and Marketing at Penson Worldwide.

 

Nasdaq OMX Europe provides a rigorous Pre-Trade Risk Management (PRM) system that ensures Sponsoring Participants can confidently offer their Sponsored Clients direct connectivity to the platform. The PRM system monitors all orders submitted to the Nasdaq OMX Europe order book and limits can be agreed between Nasdaq OMX Europe and the Sponsoring Participant. Clients are able to connect either via proximity hosting or through remote access.

 

   
     

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