Penson gets green light for portfolio margining

Penson Financial Services, the Dallas, Texas-based provider of IT systems for execution, clearing, custody and settlement, has been cleared by the National Association of Securities Dealers (NASD) to offer portfolio margining to its customers. The vendor says it is one of only two NASD-regulated firms to have received approval for portfolio margining. According to US regulations, some securities can be held in portfolio margining accounts with just 15% initial collateral. This allows