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April 21, 2005

2005 Traders Magazine Survey of Correspondent Clearing Firms

By Editorial Staff

350 North Clark St., Chicago, Ill. 60610, (312) 595-6000, fax: (312) 595-7202,

Services: Mesirow Financial provides fully disclosed clearance and execution services to broker-dealers. Mesirow Financial offers real-time customer account access via the Internet, data downloads to various portfolio and management systems, fee-based programs, several cash-management products, online confirms and statements, and online trading.

Number of correspondents: 70

Correspondents: Retail and institutional

Parent company: Mesirow Financial Holdings

Affiliate companies: Mesirow Stein Real Estate, Mesirow Asset Management, Mesirow Insurance

Contacts: Stanley M. Lis, senior managing director, (312) 595-6755,;

Kristina McIntyre, VP, (312) 595-6083, fax: (312) 595-7202,

National Financial

200 Seaport Blvd., Z2P, Boston, Mass. 02210, (800) 752-7053, fax: (617) 476-0368,

Services: National Financial, a Fidelity Investments company, provides broker-dealers with clearing and execution products and integrated productivity tools. National Financial's clients include institutional and full-service firms, independent contractors, banks and discount brokers. National Financial also offers an online brokerage platform, compliance support, middle-office outsourcing, consolidated record-keeping tools, fee-based solutions and retirement and high-net-worth products, all supported by client service professionals. As of Sept. 30, National Financial Services LLC was custodian for approximately $352.5 billion in correspondent broker-dealer assets.

Average daily commissionable trades cleared in 3Q04: 170,804

Number of correspondents: 269

Correspondents: Retail and institutional

Parent company: FMR Corp.

Affiliate companies: National Financial Services LLC, Fidelity Brokerage Services LLC, Fidelity Investments Institutional Services, Co., Fidelity Institutional Retirement Services Co., FMR Corp.

Contact: Norman R. Malo, president, (800) 752-7053

Neuberger Berman, LLC

605 Third Avenue, New York, NY 10158, (877) 621-7427, fax: (212) 476-5420,

Services: Neuberger Berman's Clearing Services (NBCS) division provides a full suite of correspondent clearing, prime brokerage and registered investment adviser services, including integrated execution services, direct market access, financing, securities lending, portfolio management and reporting, custody and clearance. NBCS also offers a full suite of start-up services, including turnkey office facilities and capital introduction. The NBCS service model provides clients personalized and efficient service, leveraging advanced clearing technologies and the additional capabilities of Lehman Brothers.

Number of correspondents: Approximately 100 correspondent clearing and prime brokerage clients

Correspondents: Institutional broker-dealers, high net-worth retail/managed accounts, RIAs and hedge funds

Parent company: Lehman Brothers

Affiliate companies: Lehman Brothers, Neuberger Berman Trust Co.

Contacts: Jeff Fernandez, senior vice president (212) 476-9163,; Jeffrey L. Maier, senior vice president, sales & marketing,

(212) 476-8597, Fax (212) 476-5620,

North American Clearing

(Formerly Advantage Trading Group)

1385 West State Rd. 434, Longwood, Fla. 32750, (800) 599-4811, fax: (407) 774-2275,

Services: North American Clearing offers clearing and execution services to correspondent broker-dealers throughout the United States. The firm is dedicated to best execution, instant connectivity to the firm's back office and regular account updates to track and locate trades. Among the features offered through the firm's correspondent services is E-Advantage, which provides portfolio access directly from a client broker's Web site. North American Clearing provides all correspondents with a Web-based trading platform at no charge under a private label. In addition, North American Clearing offers Level II and real-time streaming quotes, free ATM Visa/debit cards and checks, money markets with daily sweeps and competitive money market rates. North American Clearing also offers private-label brokerage services to broker-dealers and other financial institutions that want to provide expanded services to their retail customers. NAC also provides riskless principal online at no additional cost.

Number of correspondents: 50