Results for "clearing firms"

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Who's supposed to watch what?

July 11, 2010

A growing fog of regulation is blurring the line that separates the compliance responsibilities of broker-dealers from those of their clearing firms. “One of the biggest problems we have is establishing the delineation of responsibility between...

Making a switch pay

July 11, 2010

Clearing firms, facing declining revenue and in-creased competition, have something new to worry about: More and more broker-dealers are seeking loans as an incentive to sign on with a new firm. While haggling over margin terms and other forms...

Custody success clears path to top for JPMorgan's Miller

June 23, 2010

Heidi Miller, a confidant of Jamie Dimon for almost two decades, more than quintupled pretax profit at JPMorgan Chase & Co.'s treasury and custody unit since taking over the division in 2004. Her reward: a newly created job heading the Global...

Attention B-Ds: RIA business is not a fad, say Pershing execs

June 10, 2010

When it comes to rapid growth of registered investment advisory firms, broker-dealers must either “feed the monster that will eat them” or find a way to accommodate their brokers' advisory business, according to Mark Tibergien, chief executive...

Advisers look for ways to squeeze money from their tech budgets

February 28, 2010

Many financial advisers who attended the Technology Tools for Today conference last week are looking to squeeze as much money as they can from their precious technology budgets. Take, for example, adviser Junmin Chang, a principal with the financial...

2010 clearing firms trends and analysis

February 25, 2010

The independent broker-dealer landscape has changed dramatically in recent years. But among the largest independent B-Ds, according to InvestmentNews' annual indie B-D survey, the clearing firms they utilize has remained steady. Below is a ranking...

E*Trade back on track, says analyst

February 22, 2010

E*Trade Financial Corp., which took a black eye from losses on its subprime mortgage holdings, is getting back on track by focusing on its roots as an online brokerage, an analyst said Monday. Keefe, Bruyette & Woods analyst Joel Jeffrey started...

Cloudy with a chance of tech spending

February 19, 2010

Mostly mixed clouds and some sun today in La Jolla, not the constant bright sunshine that can entice a person to abandon indoor conference sessions in favor of strolling the beach along the Pacific Ocean (many of the advisers present tend to...

Bank of New York Mellon scoops up PNC Financial Services in cash deal

February 2, 2010

Bank of New York Mellon Corp. says it is acquiring the global investment servicing business of PNC Financial Services Group Inc. for $2.31 billion in cash. BNY Mellon says it will pay $1.57 billion for the business' stock and intercompany debt....

Nationwide gives 200 reps more time to find new B-Ds

January 31, 2010

Nationwide Financial Network, the sales and marketing arm of Nationwide Mutual Insurance Co., has pushed back by three months the deadline for 200 independent financial advisers to find new broker-dealers. Those advisers, most of whom joined...

Charles Goldman to leave Fidelity

January 27, 2010

Charles Goldman, who one year ago joined Fidelity Investments to run its RIA custody, correspondent clearing and family office businesses, is leaving the firm. Mr. Goldman, who is president of institutional platforms, will officially depart...

Penson Worldwide to buy Broadridge clearing business

November 8, 2009

Broadridge Financial Solutions Inc., the brokerage services firm spun off by Automatic Data Processing Inc., is selling its securities clearing business to Penson Worldwide Inc. and its Penson Financial Services Inc. subsidiary. The transaction...

Broadridge to sell clearing business to Penson (Update)

November 3, 2009

Broadridge Financial Solutions Inc., the brokerage services firm spun off by Automatic Data Processing Inc., is selling its securities clearing business to Penson Worldwide Inc. and its Penson Financial Services Inc. subsidiary. The transaction...

Broadridge to sell clearing business to Penson

November 2, 2009

Penson Worldwide has agreed to buy the clearing contracts of Broadridge Financial Solutions for $60-$70 million as part of a new partnership the two firms revealed Monday evening. Penson will acquire the contracts of Broadridge's Ridge correspondent...

Penson: naked-short video a "hoax'

October 11, 2009

Officials for Penson Financial Services Inc. said that a video circulating on the Internet of one of its traders engaging in an apparent naked short sale is a fraud that unfairly accuses the firm of violating Securities and Exchange Commission...

Fidelity expands clearing business into Canada

September 27, 2009

Fidelity Investments said this morning it is expanding its clearing business into Canada, with the intention of serving U.S. broker-dealers looking for a toehold in the market, while also targeting Canadian broker-dealers. U.S. clearing firms...

LPL reps on Pershing platform are seeking new B-D homes

August 23, 2009

In the wake of a decision last month by LPL to bring in-house the clearing function at three subsidiary broker-dealers, about 200 financial advisers at those firms have moved to other firms or are planning to do so. Some 1,700 advisers at the...

Securities America feared 'bank run' from holders of Medical Capital

August 11, 2009

A former top executive of Securities America feared “a panicked run on the bank” from clients who invested in private securities of Medical Capital Holdings Inc., which was sued last month by the Securities and Exchange Commission for fraud....


July 12, 2009

When Ben Marks set up shop as an independent registered investment adviser in November, he wasn't ready to give up the commissions that helped support him for more than a quarter century at large brokerage firms. Even though nearly 70% of his...


July 12, 2009

S THEIR BROKER-DEALER CLIENTS STRUGGLE and their own revenue drops, big clearing firms are targeting new — albeit less profitable — lines of business and reassuring clients of their financial strength by leveraging the brand names of their...

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