Code Securities Picks Penson
FRONT PAGE: OPERATIONS AND STP
LONDON—Penson Financial Services, the U.K. arm of the Penson Worldwide Group, recently assumed the clearing business of Code Securities, a newly formed specialist sell-side institution, officials tell DWT.
The contract with Penson is for a duration of two years and applies to full model B clearing of Code's European equity business. Model B clearing refers to the fact that Penson will take on all execution and settlement risk.
Code Securities is integrating its front-office technologies with
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