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Saturday, October 15, 2011 3:27:14 PM
Clearing Firm Rattles Investors
SATURDAY, MAY 21, 2011
http://online.barrons.com/article/SB50001424052970203869804576327382200170672.html
By THERESA W. CAREY
Penson, which clears trades for many online brokers, reveals it holds illiquid bonds tied to a former director. Investors needn't panic, but they should closely monitor the company's response.
The news prompted us to look again at our annual review of online brokers ("Making the Right Connection," March 14). Quite a few of them clear their trades through Penson (ticker: PNSN). The firm specializes in clearing derivatives transactions, so it was no surprise to see options heavy-hitters like eOption, OptionsHouse, thinkorswim, TradeKing and tradeMonster on its customer list. (Thinkorswim has not yet been completely folded into the TD Ameritrade clearing operation; its separate customer base still clears its transactions at Penson.) Also on the client list: A.B. Watley, ChoiceTrade, Cobra Trading, Lightspeed Trading, MB Trading, SogoTrade, SpeedTrader, TradingBlock and Zecco.
I suggest all individuals who trade AGHD to check with there brokers for guidance and not rely solely on the information posted on a public message board.
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