U.S. clearing firms ranked by broker-dealer clients

Dec 17, 2007 @ 12:01 am

U.S. clearing firms ranked by broker-dealer clients

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1 Pershing LLC
  Number of clients: 870
  Contact: James T. Crowley,
  managing director
  One Pershing Plaza, Eighth Floor
  Jersey City, NJ 07399
  Phone: (866) 269-8293
  Pershing is a global provider of clearing and financial services, and outsourcing solutions to retail and institutional financial organizations, and registered investment advisers, that collectively represent 5 million retail investors.
2 National Financial Services LLC (Fidelity Investments)
  Number of clients: 344
  Contact: Norman R. Malo,
  president and chief executive
  200 Seaport Blvd., Z2P
  Boston, MA 02210
  Phone: (800) 752-7053
  National Financial Services offers correspondent broker-dealers clearing and execution products, and a broad array of investment solutions.
3 Bear Stearns Securities Corp. broker-dealer services
  Number of clients: 275
  Contact: Joe Triarsi,
  senior managing director,
  or John Tyers,
  senior managing director
  383 Madison Ave.
  New York, NY 10179
  Phone: (212) 272-2000
  Bear Stearns Securitiesí global-
  clearing-services division provides a range of products, services, experience and technology to support
  broker-dealers, including full access to Bear Stearns research; monetization, hedging and derivatives solutions; asset management; more than 10,000 mutual funds; prime brokerage; consolidated client statements; a range of retail products; clearance and financing of restricted securities; technology and training; and coordinated transfer of assets.
4 Penson Financial Services Inc.
  Number of clients: 250
  Contact: Llynal Carey, vice president, global sales manager
  1700 Pacific Ave., Suite 1400
  Dallas, TX 75201
  Phone: (214) 765-1100
  Penson Financial Services provides execution, clearing, settlement and custody services. Its facilities and services support active, proprietary and automated traders, full-service, discount and online brokers, registered investment advisers, bond dealers and wealth managers.
5 Southwest Securities Inc.
  Number of clients: 207
  Contact: Steve Samberg,
  executive vice president, correspondent clearing
  and RIA sales
  1201 Elm St., Suite 3500
  Dallas, TX 75270
  Phone: (214) 859-6776
  Southwest Securities offers front- to back-office functions to a diverse group of correspondent broker-dealers. It provides correspondents with direct access to all their customer information.
6 Goldman Sachs Execution and Clearing LP
  Number of clients: 200
  Contact: Jim Rogan,
  managing director
  30 Hudson Street
  Jersey City, NJ 07302
  Phone: (212) 357-4255
  Goldman Sachs Execution and Clearing performs electronic execution via Rediplus and provides clearing and prime-brokerage services to the institutional and broker-dealer community. GSEC also houses the firm's American Stock Exchange exchange traded fund specialist business.
7 RBC Dain Correspondent Services
  Number of clients: 170
  Contact: Shileen Groth, vice president
  60 S. Sixth St.
  Minneapolis, MN 55402
  Phone: (888) 462-1816 shileen.groth@rbcdain.com
  RBC Dain Correspondent Services provides clearing services for firms of all sizes, and financial consultants that focus on private clients.
8 First Clearing llc (Wachovia Securities LLC)
  Number of clients: 125
  Contact: David Williams,
  managing director
  Riverfront Plaza, West Tower
  901 E. Byrd St.
  Richmond, VA 23219
  Phone: (888) FCC-CLEAR
  First Clearingís correspondent services unit helps firms recruit and retain top financial advisers, raise average production, diversify revenue, promote fee-based programs and generate sales ideas through its product offerings, personalized service, technology, and operations and marketing support.
9 Wedbush Morgan Securities (E*Capital Corp.)
  Number of clients: 125
  Contact: Jeff Martin, vice president
  of correspondent services, or Sean Thompson, sales representative
  1000 Wilshire Blvd.
  Los Angeles, CA 90017
  Phone: (213) 688-4567
  Wedbush Morgan Securities has offered its clients personalized clearing services for more than 35 years.
10 Broadcort (Merrill Lynch)
  Number of clients: 120
  Contact: David P. Akellian, president
  101 Hudson St.
  Jersey City, NJ 07302
  Phone: (201) 557-2690
  Broadcort, a division of Merrill Lynch, provides clearing and execution services for institutional broker-dealers worldwide. The firm provides products and services offering direct-market-access technology solutions.
10 Ridge Clearing and Outsourcing Solutions Inc.
  Number of clients: 120
  Contact: Mike Clark
  26 Broadway
  New York, NY 10004
  Phone: (212) 918-6919
  Ridge Clearing offers a breadth of trade execution, clearing, custody, settlement, operations outsourcing and business expansion services to institutional broker-dealers, discount and full-service broker-dealers, and wealth managers around the world.
12 Sterne Agee & Leach Capital Markets
  Number of clients: 86
  Contact: W. Dennis Ferguson, president, Sterne Agee Clearing
  980 N. Federal Highway, Suite 108
  Boca Raton, FL 33432
  Phone: (800) 264-4863
  (561) 373-3374 (cell)
  Sterne Agee & Leach Capital Markets executes and clears transactions on a fully disclosed basis for its broker-dealer clients.
13 First Southwest Co.
  Number of clients: 75
  Contact: Joseph Turk, regional vice president, or Paul Bashus, regional vice president
  325 N. St. Paul, Suite 800
  Dallas, TX 75201
  Phone: Joseph Turk, (917) 206-3667,
  Paul Bashus, (402) 493-8793
  jturk@firstsw.com or pbashus@firstsw.com
  First Southwest clearing services group provides fully disclosed clearing services to Financial Industry Regulatory Authority Inc. member firms for trade execution, clearing and back-office services.
13 Mesirow Financial Holdings Inc.
  Number of clients: 75
  Contact: Ruth C. Hannenberg,
  senior managing director
  350 N. Clark St.
  Chicago, IL 60610
  Phone: (312) 595-6239
  Mesirow Financial serves five groups of clients: affluent individuals, small and midsize businesses, institutional investors, public-sector entities, and broker-dealers and investment advisers. It is an employee-owned private company with nearly 850 employees in 10 offices across the country.
15 Legent Clearing LLC
  Number of clients: 65
  Contact: Bill Zelasko, executive vice president and principal
  9300 Underwood Ave., Suite 400
  Omaha, NE 68114
  Phone: (402) 384-6123
  Legent Clearing offers clients a back-office process for securities clearing, trade execution and settlement processing.
16 North American Clearing Inc.
  Number of clients: 61
  Contact: John Busacca
  1385 W. State Road 434
  Longwood, FL 32750
  Phone: (800) 599-4811
  North American Clearing offers a one-stop shop for retail and institutional broker-dealers, including trade executions, instant connectivity to its back office and regular account updates to track and locate trades.
17 Jefferies & Co. Inc.
  Number of clients: 47
  Contact: R. David Conover,
  senior vice president
  Harborside Financial Center
  34 Exchange Place, Plaza 3
  Jersey City, NJ 07311
  Phone: (201) 200-1222
  Jefferies' clearing services unit processes more than 125,000 trades a day, with total shares averaging over 110 million daily. Its platform automatically matches trades throughout the day. It offers clients clearing capabilities in nearly 40 countries.
18 Raymond James & Associates Inc.
  Number of clients: 40
  Contact: Robb Combs, director, correspondent services
  880 Carillon Parkway
  P.O. Box 12749
  St. Petersburg, FL 33733
  Phone: (888) 752-5327
  Raymond James & Associates provides fully disclosed or omnibus clearing to both U.S. and foreign broker-dealers. Included in the firmís full range of products and services are online account access and trading.
19 Emmett A Larkin Co. Inc.
  Number of clients: 35
  Contact: Sally Aelion,
  executive vice president
  100 Bush St., Suite 1000
  San Francisco, CA 94104
  Phone: (415) 986-2332
  Emmett A Larkin provides both online and traditional full-service execution, clearing and custody services for other broker-dealers and investment advisers.
Source: Source: InvestmentNews


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