Commentary

John Turney
Traders Magazine Online News

Foreign Exchange Infrastructure: Yesterday, Today and Tomorrow

In this exclusive to Traders Magazine, John Turney, Global Head of Outsourced FX at Northern Trust, discusses the evolution of the fx infrastructure and what is to come.

Traders Poll

What is your favorite movie about trading?

Wall Street

23%

The Big Short

13%

Margin Call

6%

Equity

0%

Trading Places

38%

The Wolf of Wall Street

8%

Boiler Room

7%

Arbitrage

0%

Too Big to Fail

5%

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Guide to Correspondent Clearing Firms

By Gregory Bresiger

Also in this article

  • Guide to Correspondent Clearing Firms

First Clearing Correspondent Services

1-888-FCC-CLEAR, (804)782-3519 Riverfront Plaza, 901 East Byrd Street Richmond, VA 23219

Services: Unlimited potential. Clear thinking. The single most compelling business challenge today is no longer how to squeeze more from less. It's how to profitably grow your business while maintaining a competitive market position. In an inherently complex industry, we are striving to add clarity and innovation built on an unmatched knowledge of the retail investment business. In fact, helping you find ways to better run, grow and protect your business is as much a part of our culture as precise transaction processing and proactive service. Our core competencies can help identify new operating efficiencies while our value-added services can help you remain competitive in the marketplace. Contact us to learn more about how we can provide clear thinking for your business.

Number of correspondents: 145

Correspondents: Retail

Parent company: Wachovia Corp.

Affiliate companies: Wachovia Securities

Contact: David Williams, Managing Director First Clearing Correspondent Services 1-888-FCC-CLEAR, (804)782-3519. Riverfront Plaza, 901 East Byrd Street Richmond, VA 23219 david.l.williams@firstclearing.com www.firstclearing.com


 First Southwest Company Correspondent Clearing Services

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

Services: Fixed-Income Product Specialists. Founded in 1946, First Southwest Co. is one of the only privately held investment banking and correspondent clearing firms in the country. First Southwest utilizes the SIS back-office system, including FSAccess, an Internet-based front end that details real-time customer account balance and positions, cost-basis accounting, portfolio reports, performance reviews, contact management and a truly integrated platform for Registered Investment Advisors.

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: 75

Parent Company: First Southwest Company

Correspondents: Retail and institutional broker-dealers

Contact: Paul Bashus, VP (866) 299-8755, pbashus@firstsw.com; Joe Turk, VP (866) 563-8875, jturk@firstsw.com

 


Goldman Sachs Execution & Clearing, L.P.

30 Hudson Street, Jersey City, NJ 07302, (212) 357-2266, gsec.gs.com