Penson Financial Services Canada Inc.
| Penson Financial Services Canada Inc. | |
| |
| Key People | Raymond Desormeaux, Chairman |
|---|---|
| Employees | 175 |
| Products | Provider of securities services outsourcing |
| Website | www.penson.ca |
Penson Financial Services Canada Inc. is a technology focused provider of securities services outsourcing. It is a member of the Penson Worldwide group of companies.[1]
The company touts itself as Canada’s largest independent provider of correspondent clearing services. It is governed by the various provincial securities commissions of which it is a member across the country. It is also a member of the IIROC (Investment Industry Regulatory Organization of Canada), The Canadian Investors Protection Fund, Toronto Stock Exchange and the Montreal Stock Exchange. It is also a clearing member of the Canadian Depository for Securities, the Depository Trust Company, the Canadian Derivatives Clearing Corporation and FundSERV Inc.[2]
Penson has 175 employees in Canada.[3]
History[edit]
Penson Financial Services Canada Inc. was formed in 2000 when Penson Worldwide, Inc. acquired Penson’s predecessor. The objective was to create an independent clearing firm that was not bank owned or created from an existing dealer. Early efforts were focused on the active trading market, which has since expanded to servicing all types of financial institutions. Additionally, it provides trading and product solutions to a wide range of financial firms in Canada and abroad.
In 2008, boutique investment dealer Evergreen Capital Partners closed its doors after losing $25-million (U.S.). Penson Financial Services Canada had cleared Evergreen's trades. Penson confirmed the amount of the loss, saying in a press release that it held “an unsecured receivable from Evergreen Capital, a correspondent firm of Penson Canada, in the approximate amount of $25 million.” Penson opened an investigation into the loss and worked with Canadian regulators.[4]
Products and Services[edit]
The company's services include trade execution, clearing, settlement, custody, bookkeeping and administration, as well as foreign exchange, securities lending, fixed income and direct market access services.
Key People[edit]
- Chairman, Raymond Desormeaux
- President, John M. Skain
- Senior Vice President and Chief Financial Officer, François Gervais
- Senior Vice President and Chief Compliance Officer, Susie Rafael
- Senior Vice President, National Operations, Rob McPherson
- Senior Vice President and Head of Canadian Business Development, Kevin Vanderheyden
References[edit]
- ↑ The Flexible Choice in Canadian Securities Services Outsourcing. Penson Canada.
- ↑ Account Information Access. First Canada.
- ↑ Penson Financial Services Canada Inc.. Eluta.ca.
- ↑ Evergreen Capital Loss Pounds Penson. globeandmail.com.