New player pushes into Australian market
Penson Worldwide, which provides execution, clearing, custody, settlement and technology products to financial services businesses, will launch a financial services business, Penson Financial Services Australia, in the second half of this year.
Penson Financial Services will provide a third-party clearing business through GBST Holdings in advance of the launch of its Australian operations. GBST is a securities transaction and funds administration software company.
The managing director and chief executive of Penson Financial Services, Craig Mason, said GBST's experience would ensure that the company would have a solution on the first day of its operations to meet the needs of the Australian market.
"We are confident that the investments made by GBST in the later stages of 2008 will assist in evolving the processing and settlement requirements for the market moving forward," he said.
GBST acquired a processing and technology business, Coexis, for $40 million in December 2008. Penson Worldwide provides processing and technology services in the United States, Britain and Canada through Coexis' technology platform, Syn~.
GBST chief executive Stephen Lake said: "The opportunity to partner with Penson in the Australian market as they roll out their third-party clearing business is exciting and certainly one step towards meeting our ambitions."
AUTHOR
By Levy
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