Commentary

David Weisberger
Traders Magazine Online News

Stop the BS & Promote Real Transparency!

In this shared blog, David Weisberger says a recent WSJ article is wrong and that traders do need to purchase faster and more comprehensive market data to avoid being fined for violating "Best Execution" obligations.

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April 21, 2005

2005 Traders Magazine Survey of Correspondent Clearing Firms

By Editorial Staff

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  • 2005 Traders Magazine Survey of Correspondent Clearing Firms

ADP Clearing & Outsourcing Services

26 Broadway, New York, N.Y. 10004, (888) 552-5248, fax: (212) 747-3260,

www.adpcos.com

Services: ADP Clearing & Outsourcing Services provides full-scale execution, clearing and business enhancement services and a vast array of financial products and services to retail and institutional broker-dealers. Our offerings include wealth management products, asset management accounts, fee-based managed money programs, top-rated research, extensive mutual fund offerings, a full range of online reporting tools and resources, and a variety of retirement plan accounts. Our technology platform supports a Web-based broker workstation, electronic documents, cold-storage capability and a Correspondent Resource Center. Each client is assigned a dedicated relationship manager and has direct access to our Operations Solutions Group. We assist our clients with broker recruiting, and ongoing sales and product training. ADP's three-tier service offering enables each institution, regardless of size, to choose the appropriate range of outsourcing services to best meet its needs on a single platform: service bureau, operations outsourcing or correspondent clearing.

Number of correspondents: 150

Correspondents: Retail, institutional, prime broker

Parent company: Automatic Data Processing

Contacts: Sales, (888) 294-5681

Advanced Clearing

4211 South 102nd St., Omaha, Neb. 68127, (866) 423-2683, fax: (402) 597-7749, www.advancedclearing.com

Services: Advanced Clearing provides clearing, execution and related services to broker-dealers through either fully disclosed or omnibus relationships. With Advanced Clearing, brokers and their clients have access to the Ameritrade Connection through a broker workstation, which provides tools to conduct complete account inquiry and order entry activities. All trades are routed through the firm's proprietary order routing system, accessing multiple market makers, all major stock exchanges and ECNs to obtain execution. Advanced Clearing also has interfaces with some of the leading portfolio and client management software and assigns a personalized team of correspondent service representatives to each correspondent.

Correspondents: Retail

Parent company: Ameritrade Holding Corp.

Affiliate divisions: Ameritrade, Ameritrade Plus, Accutrade, Freetrade, Ameritrade Advisor Services, Ameritrade Corporate Services, Ameritrade Financial Services

Contacts: Jim Wangsness, SVP, (866) 423-2683

Bear Stearns Securities Corp.-Global Clearing Services

383 Madison Ave., New York, N.Y. 10179, (888) 850-5192, fax: (212) 272-5321, www.globalclearing.com

Services: Bear Stearns Broker-Dealer Services is an integral part of Global Clearing Services, a leader in the clearing and custody industry for nearly 30 years. GCS is one of Bear Stearns' three main operating divisions, and provides a complete range of services through three integrated business groups: Broker-Dealer Services, Prime Brokerage and Advisor Services. These groups leverage a custody, operations, technology and order routing infrastructure provided by Bear Stearns Securities Corp., and the execution capabilities of Bear, Stearns & Co., to support broker-dealers, investment advisers and hedge funds. Broker-Dealer Services provides clients full access to the resources of the Bear Stearns Cos., and enables them to retain their best customers while competing for new business with their competitors.

Number of correspondents: More than 340 fully disclosed correspondent clients

Correspondents: Institutional, money managers, retail, hedge funds and registered investment advisers

Parent company: The Bear Stearns Cos.

Affiliate companies: Bear Stearns & Co., Bear Stearns Securities Corp., Bear Stearns International Ltd., Bear Stearns International Trading, Bear Stearns Bank Plc, Bear Stearns Capital Markets, Bear Stearns Credit Products, Bear Stearns Financial Products, Bear Stearns Mortgage Capital, Custodial Trust Co., EMC Mortgage