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

Dec 14, 2008 @ 12:01 am

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

Click column headers to sort fields

Rank Clearing firm Number of clients Contact Address Phone E-mail Website Info
1 Pershing LLC Number of clients: 900 Contact: James T. Crowley, managing director One Pershing Plaza, Eighth Floor, One Pershing Plaza, Eighth Floor, Jersey City, NJ 07399 Phone: (201) 413-2930 brokerage.info@pershing.com pershing.com 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: 330 Contact: Norman R. Malo, president and chief executive 200 Seaport Blvd., Z2P, Boston, MA 02210 Phone: (617) 563-5800   nationalfinancial.com National Financial Services offers correspondent broker-dealers clearing and execution products, and a broad array of investment solutions.
3 Penson Worldwide Inc. Number of clients: 284 Contact: Dan Weingarten, senior vice president, sales and marketing, or Sean Malloy, senior vice president, sales and marketing 1700 Pacific Ave., Suite 1400, Dallas, TX 75201 Phone: (214) 765-1100 dweingarten@penson.com, smalloy@penson.com, penson.com 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.
4 Bear Stearns Broker-Dealer Services (JPMorgan Chase & Co.) Number of clients: 270 Contact: Joe Triarsi, senior managing director 383 Madison Ave., New York, NY 10179 Phone: (212) 272-2923   bearstearns.com/bds Bear Stearnsí global-clearing-services division provides a range of products, services, experience and technology to support broker-dealers, including full access to 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.
5 Merrill Lynch & Co. Inc. (Broadcort & Merrill Lynch Professional Clearing Corp.) Number of clients: 247 Contact: Michael Perry, managing director, or Thomas A. Tranfaglia Jr., managing director South Tower, 2 World Financial Center, New York, NY 10281 Phone: Mike Perry, (212) 236-7077, Thomas A. Tranfaglia, (212) 670-0570 michael_perry@ml.com or thomas_tranfaglia@ml.com broadcort.com, mlprocc.ml.com 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.
6 Southwest Securities Inc. Number of clients: 202 Contact: Tim Hamick, executive vice president, head of clearing services 1201 Elm St., Suite 3500, Dallas, TX 75270 Phone: (214) 859-6776 thamick@swst.com swst.com 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.
7 Goldman Sachs Execution and Clearing LP Number of clients: 200 Contact: Kyle Czepiel, managing director 30 Hudson St., Fifth Floor, Jersey City, NJ 07302 Phone: (212) 357-2802 kyle.czepiel@gs.com gsec.com 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.
8 RBC Correspondent Services Number of clients: 170 Contact: Shileen Groth, vice president 60 S. Sixth St., Minneapolis, MN 55402 Phone: (888) 462-1816 shileen.groth@rbc.com rbc-cs.com RBC Correspondent Services provides clearing services for firms of all sizes, and financial consultants that focus on private clients.
9 Wedbush Morgan Securities Inc. Number of clients: 145 Contact: Jeff Martin, senior vice president of correspondent services, or Sean Thompson, sales representative 1000 Wilshire Blvd., Los Angeles, CA 90017 Phone: (213) 688-4567 jeff.martin@wedbush.com wedbush.com Wedbush Morgan Securities has offered its clients personalized clearing services for more than 35 years.
10 First Clearing LLC (Wachovia Securities LLC) Number of clients: 120 Contact: David Williams, managing director 1 N. Jefferson, St. Louis, MO 63103 Phone: (888) FCC-CLEAR david.l.williams@firstclearing.com firstclearing.com 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.
11 Ridge Clearing and Outsourcing Solutions Inc. Number of clients: 113 Contact: Robert Thompson 26 Broadway, New York, NY 10004 Phone: (212) 747-2092 robert.thompson@ridgeclearing.com ridgeclearing.com 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 Clearing Inc. Number of clients: 90 Contact: W. Dennis Ferguson, president 980 N. Federal Highway, Suite 108, Boca Raton, FL 33432 Phone: (800) 264-4863 dferguson@sterneagee.com sterneagee.com Sterne Agee executes and clears transactions on a fully disclosed basis for its broker-dealer clients.
13 Mesirow Financial Holding Inc. Number of clients: 80 Contact: Ruth C. Hannenberg, senior managing director 350 N. Clark St., Chicago, IL 60610 Phone: (312) 595-6239 rhannenberg@mesirowfinancial.com mesirowfinancial.com 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.
14 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   jturk@firstsw.com or pbashus@firstsw.com firstswclearing.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.
15 Legent Clearing LLC Number of clients: 70 Contact: Ray Maratea, co-president 9300 Underwood Ave., Suite 400, Omaha, NE 68114 Phone: (312) 294-2311 ray.maratea@legentclearing.com legentclearing.com Legent Clearing offers clients a back-office process for securities clearing, trade execution and settlement processing.
16 Jefferies & Co. Inc. Number of clients: 48 Contact: David Conover, senior vice president Harborside Financial Center, 34 Exchange Place, Plaza 3, Jersey City, NJ 07311 Phone: (201) 761-7620 dconover@jefco.com jefferies.com 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.
17 Raymond James & Associates Inc. Number of clients: 38 Contact: Robb Combs, director, correspondent services 880 Carillon Parkway, P.O. Box 12749, St. Petersburg, FL 33733 Phone: (888) 752-5327 robb.combs@raymondjames.com raymondjames.com/clearing 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.
18 Emmett A. Larkin Co. Inc. Number of clients: 34 Contact: Sally Aelion, executive vice president 100 Bush St., Suite 1000, San Francisco, CA 94104 Phone: (415) 986-2332 info@elarkin.com larkinonline.com Emmett A. Larkin provides both online and traditional full-service execution, 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.
Source: InvestmentNews

Featured video

Consuelo Mack WealthTrack

How to maximize the effectiveness of your charitable giving

Donor-advised funds let you take the tax deduction for charitable donations now, while postponing when you give the money away. Pamela Norley, president of Fidelity Charitable, and Elda Di Re, partner at Ernst & Young, discuss the strategy.

Latest news & opinion

Fiduciary advocates press CFP Board for specifics on standards changes

Meanwhile, few brokerages and their trade associations, which blasted the DOL's fiduciary rule in comment letters, are responding to the CFP Board's proposal.

Big gains attract new money to emerging markets, but should investors stay?

An estimated $6.7 billion has flowed into emerging-market stock funds and ETFs so far this year, according to Morningstar.

Attorney blasts Finra after regulator loses insider trading case

Lawyer says it was 'slimy' of Finra to publicize the case while it was still being litigated.

Will Jeffrey Gundlach's Trump-like approach on Twitter work in financial services?

The DoubleLine CEO's attacks on Wall Street Journal reporters is igniting a discussion on what's fair game on social media.

Fidelity wins arb case against wine mogul but earns a rebuke from Finra

In the case of investor Peter Deutsch, Fidelity doesn't have to pay any compensation, but regulator said firm put its interests ahead of his.


Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print