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Penson Worldwide, Inc. (NASDAQ: PNSN), and PEAK6 Investments, LP, today announced the formation of Apex Clearing Corporation. Under the terms of the agreement, Apex Clearing has agreed to acquire the correspondent and customer accounts and contracts of the securities division of Penson’s U.S. broker–dealer subsidiary Penson Financial Services, Inc. (PFSI) which covers approximately 230 U.S. based securities correspondents and one million customer accounts. The agreement does not include Penson’s Futures or Canadian Operations. Apex Clearing is expected to begin operations in the coming days following the completion of certain closing conditions and receipt of required regulatory approval from the U.S. Securities and Exchange Commission and FINRA.
The formation of Apex Clearing brings much needed stability to customers and the capital markets. Apex Clearing is an independent, privately held clearing services firm with the capital position and enhanced leadership, technology, and risk management expertise necessary to provide ongoing, sustained support of its customers’ clearing needs. The completion of the transaction is expected to allow customers to continue to conduct their brokerage business as usual.
PEAK6 will provide capital, the management team, day-to-day operational oversight, and risk management discipline necessary to run the business. Danny Rosenthal, a senior partner at PEAK6, will be Chief Executive Officer of Apex Clearing. PFSI will initially provide transitional services and retain a majority economic interest in Apex Clearing.
Broadridge Financial Solutions and Apex Clearing are putting a new agreement in place for Broadridge to provide the securities processing technology platform and back office services for Apex Clearing which Broadridge currently provides to support Penson's correspondents.
“This transaction resolves an urgent need in the marketplace today to maintain stability and continuity for Apex Clearing’s customers,” said Brad Goldberg, President of PEAK6. “PEAK6 brings a focus on strong management, sophisticated technology platforms, and a disciplined approach to risk which will provide stability for customers.”