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February 22, 2010

Sterne Agee Grows

By Editorial Staff

Sterne Agee Clearing became a little bigger recently, when it agreed to provide clearing services to the former clients of Emmett A. Larkin Company.

Larkin, a small clearing brokerage, gave up on clearing earlier this year. It had about 40 correspondents. Industry sources say that, historically, Larkin had mostly cleared fixed income transactions, but never had big clients (see CQ&D, Fall 2009).

But regulators told Larkin officials that they couldn't continue as a self-clearing brokerage because they had a capital deficiency, Sterne Agee officials said.

"They choose us after the regulators told them that they had to go fully disclosed," said W. Dennis Ferguson, president of Sterne Agee Clearing.

With the addition of Larkin's former clients, Ferguson said, Sterne Agee now has about 105 clients. Emmett A. Larkin officials declined comment.

 

 

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