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

Dec 14, 2008 @ 12:01 am

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

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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 Stearns’ 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 Clearing’s 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 firm’s 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 firm’s full range of products and services are online account access and trading.
Source: InvestmentNews

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