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April 21, 2005

2005 Traders Magazine Survey of Correspondent Clearing Firms

By Editorial Staff

Services: First Clearing Correspondent Services is one of the nation's only full-service brokerage clearing institutions backed by a major financial institution: Wachovia Securities. First Clearing helps firms recruit and retain financial advisers, raise average production, diversify revenue, promote fee-based programs and generate sales ideas through First Clearing's varied product offerings, personalized service, technology and operations, and marketing support. Brokers will be equipped with products and services that allow them to compete with the wirehouses. First Clearing provides execution services for trading equities, fixed-income products and other securities, in addition to clearing all transactions.

Number of correspondents: 145

Correspondents: Retail

Parent company: Wachovia Corp.

Affiliate companies: Wachovia Securities

Contacts: (888) FCC-CLEAR

First Southwest Co.

325 N. St. Paul, Suite 800, Dallas, Texas 75201, (800) 678-3792, fax: (214) 953-8736,

Services: Founded in 1946, First Southwest Co. is one of the only privately held investment banking and correspondent clearing firms in the country. First Southwest Co. utilizes the SIS/ADP back-office system, including Posse, which provides users an Internet-based front end that details real-time customer account balance and positions, cost-basis accounting, portfolio reports, performance reviews, contact management and more. In addition, First Southwest has a real-time interface with Bloomberg that allows trades entered on clients' Bloomberg terminal to post in real time directly to the back office. First Southwest can also accept uploads from other trading platforms, such as Brass. The firm can provide clients with complete Internet solutions, including trade confirmations, account statements, forms and reports via the Web.

Number of correspondents: 70

Correspondents: Retail and institutional broker-dealers

Contact: Steve Samberg, VP, (800) 678-3792 or (214) 953-4057, fax: (214) 953-8736,

Interactive Brokers Group LLC

One Pickwick Plaza, Greenwich, Conn. 06830, (203) 618-5770

Services: Interactive Brokers Group (IBG) and its affiliates provide low-commission execution and clearing services in equities, ETFs, options and futures on 50 exchanges and markets around the world. IBG leverages technology to deliver best execution for a demanding clientele of professional traders. All transactions are consolidated into a single Universal Account. IBG is the 20th largest U.S. broker-dealer, with $1.6 billion in capital.

Trades cleared in 3Q04: 17.27 million

Correspondents: Institutions, hedge funds, financial advisers, introducing brokers and active traders

Contacts: John Seeberg, (203) 618-5991,; John Cracraft, (203) 618-5971,

Jefferies & Co.

520 Madison Ave., New York, N.Y. 10022, (212) 284-2429, fax: (212) 284-2476,

Services: Jefferies & Co. is a full-service provider of execution and clearing services to broker-dealers and other financial institutions. The firm's services include trade execution with access to all major markets, flexible clearing solutions and a team of client-service professionals.

Number of correspondents: 44

Correspondents: Institutional and high net worth

Parent company: Jefferies Group

Affiliate companies: Helfant Group, Jefferies International Ltd.

Contact: R. David Conover, SVP, (212) 284-2429, fax: (212) 284-2476,; Vincent Lupo, SVP, (212) 336-7421, fax: (212) 336-7013,

Legent Clearing Llc

9300 Underwood Ave., Suite 400, Omaha, Neb. 68114, (402) 384-6100, fax: (402) 384-6125,