Apex Clearing Corporation today announced the completion of the previously announced acquisition of the correspondent and customer accounts and contracts of the U.S. securities division of Penson Financial Services, Inc., a subsidiary of Penson Worldwide, Inc. (NASDAQ: PNSN). The company will begin operations on June 6.
The company also announced that Michael D. Chochon joined Apex Clearing as Chief Financial Officer. Mr. Chochon most recently served as Chief Financial Officer of Penson which he joined in March 2012. Mr. Chochon has more than 13 years of experience as a financial officer in the brokerage industry including prior roles as a senior finance and risk management officer at TD Ameritrade and E*Trade.
“We are pleased that we were able to complete this transaction quickly and ensure stability and continuity for our customers and for the financial markets,” said Danny Rosenthal, Chief Executive Officer of Apex Clearing. “We are committed to deploying sophisticated risk management tools and technology to create an efficient clearing operation.”
Apex Clearing provides clearing services covering approximately 230 U.S. based securities correspondents and one million customer accounts.
Additional details of the closing will be provided in Penson filings with the Securities and Exchange Commission.
About Apex Clearing
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.