The largest clearing firms for broker-dealers

Ranked by number of broker-dealer clients

Jul 15, 2012 @ 12:01 am

Rank Firm Website # of clients % change vs. 2011 Contact Phone Email
1 Pershing LLC 831 -0.6% James T. Crowley, managing director (201) 413-2564
2 National Financial Services LLC 276 -5.2% Joe Kelly, head of sales (617) 563-8738
3 J.P. Morgan Clearing Corp. 238 12.8% Curt Richmond, managing director (212) 552-1765
4 Broadcort & Merrill Lynch Professional Clearing Corp. 214 -16.1% Michael Bird, managing director at Broadcort; Gary Yetman, managing director at MLPro (646) 855-3507; (646) 743-1222;
5 RBC Correspondent Services* 180 5.9% Craig Gordon, director (612) 371-7776
6 Wedbush Securities Inc. 160 0.0% Sean Thompson, senior vice president of advanced clearing services (213) 688-4567
7 Southwest Securities Inc. 157 -4.8% Anton Berends, head of clearing services (214) 859-9310
8 Goldman Sachs Execution and Clearing LP** 150 -14.3% Kyle Czepiel, managing director (212) 357-2802
9 Sterne Agee Clearing Inc. 112 1.8% Dennis Ferguson, vice chairman (800) 264-4863
10 First Clearing LLC 90 -3.2% David L. Williams, managing director (888) 322-2532
11 FirstSouthwest Co. 80 6.7% Joseph Turk, regional vice president; Paul Bashus, regional vice president (917) 206-3667; (866) 299-8755;
12 Legent Clearing LLC 73 -8.8% Steve Dripchak, vice president of sales (866) 770-0218
13 Raymond James & Associates Inc. 39 2.6% Robb Combs, director of correspondent services (727) 567-3990
14 LPL Financial Custom Clearing Services 5 -28.6% David Akellian, executive vice president and head of custom clearing services (858) 450-9606 ext. 6865
In June, Apex Clearing agreed to acquire the correspondent and customer accounts and contracts of the securities division within Penson's U.S. broker-dealer subsidiary, Penson Financial Services Inc. Apex declined to participate in the survey. As of June 30. *On March 2, RBC Correspondent Services acquired Mesirow Financial Inc.'s clearing business. Number of clients reflects acquisition. **Number of clients is a company estimate Source: InvestmentNews Data

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