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April 21, 2005

2005 Traders Magazine Survey of Correspondent Clearing Firms

By Editorial Staff

Correspondents: Retail, institutional, online trading, bonds

Contact: John Busacca, President, (800) 599-4811, fax: (407) 774-2275,

Oppenheimer & Co.

125 Broad St., New York, N.Y. 10004, (212) 668-8000, fax: (212) 943-8728,

Services: Oppenheimer & Co. is an integrated securities firm with 84 branch offices and about 1,600 financial consultants located throughout the United States. The company conducts business in South America through local broker-dealers. The firm has traders in listed and unlisted stocks, bonds, options and commodities; operations specialists; research analysts; investment bankers; investment advisers and support personnel.

Parent company: Oppenheimer Holdings

Affiliate companies: Oppenheimer Asset Management, Fahnestock Asset Management, Oppenheimer Holdings, Freedom Investments, Evanston Financial, Oppenheimer Trust Co.

Contacts: A.G. Lowenthal, chairman, (212) 668-8000

Penson Financial Services Inc.

1700 Pacific Ave., Suite 1400, Dallas, Texas 75201, (214) 765-1100, fax: (214) 765-1164,

Services: Penson Financial Services provides execution, clearing, settlement and custody. Products and services include: fully disclosed and omnibus clearing and custody, trading systems and technology, equities, fixed income and derivatives execution, real-time market data and news, Web-based access to account data with download capability, multi-national and multi-currency settlements, support for commission or fee-based business, and prime broker and institutional client services. Penson's facilities and services support full service, discount and online brokers, active, proprietary and automated traders, registered investment advisers, bond dealers and underwriters.

Parent company: Penson Worldwide, Inc.

Contact: Phil Pendergraft, Executive Vice President, (214) 765-1100,

Pershing LLC

One Pershing Plaza, Jersey City, N.J. 07399, (866) 269-8293, fax: (201) 413-0934,

Services: Pershing is a global provider of clearing and financial services outsourcing solutions to more than 1,100 institutional and retail financial organizations and investment advisers who collectively represent 5 million individual investors. Pershing provides customers with a range of services, including asset-gathering products, extensive trading capabilities and Web site development. As a member of BNY Securities Group and a subsidiary of The Bank of New York, Pershing provides its customers with access to a full range of products and services including: no-transaction-fee mutual fund and annuity programs, asset management and retirement accounts, fee-based brokerage and managed account programs, independent research and an array of wealth management solutions.

Number of correspondents: More than 1,100

Parent company: The Bank of New York

Affiliate companies: Pershing Trading Co. LP, Pershing Securities Ltd., iNautix Technologies India Private Ltd.

Contact: James T. Crowley, managing director, (866) 269-8293

Raymond James & Associates

880 Carillon Parkway, P.O. Box 12749, St. Petersburg, Fla. 33733-2749, (888) 752-5327, fax: (727) 567-8305,

Services: Raymond James & Associates offers correspondent firms an array of products and services, including the Opportunity Account (a proprietary, fee-based account); managed accounts (wrap program); dividend reinvestment program; customized confirms/statements (including statement linking, cost-basis analysis and correspondent firm logos); international trading; foreign currency exchange services; retirement plan services; client Internet access to account information and online trading; banking services; excess Securities Investor Protection Corp. insurance up to $100 million; management reports; elite investment account (with check writing and debit cards); money markets with daily sweeps and check-writing privileges; and competitive money-market rates.

Number of correspondents: 40

Correspondents: Retail and institutional

Parent company: Raymond James Financial

Affiliate company: Raymond James Financial Services

Contact: Kerry Kelly, Al Zammit or Linda Van Oosting, (888) 752-5327, fax: (727) 567-8305

RBC Dain Correspondent Services

60 South 6th St., Minneapolis, Minn. 55402, (888) 462-1816, fax: (612) 313-1194,