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

 First Southwest Company Correspondent Clearing Services

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

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,; Joe Turk, VP (866) 563-8875,


Goldman Sachs Execution & Clearing, L.P.

30 Hudson Street, Jersey City, NJ 07302, (212) 357-2266,

Services: Goldman Sachs Execution & Clearing, L.P. offers a fully integrated Execution, Clearing and Prime Brokerage product suite that provides tools and services to reduce the burden of clearing trades. Our client base includes all types of Institutional Broker Dealers, Institutions, and Hedge Funds, with a special focus on statistical arbitrage, quantitative, and high frequency strategies. Our global platform reaches over 35 countries across multiple asset classes. As a result, clients can focus on maximizing their trading strategy, building business and attracting new sources of capital. Whether a client executes and clears with us, or simply clears, they gain access to our global clearing capabilities, risk management services, stock loan capabilities, and sophisticated, robust clearing technology. In addition, clients can take advantage of the direct link between our execution and prime brokerage platforms. The result is seamless integration that delivers optimal results – without affecting daily workflow. Some of the products and services include: Custody Reporting, Portfolio Accounting/Tax Reporting, Performance Reporting, Alternative Financing Options (where available), Securities Lending, Risk Analysis, and Capital Introduction and Consulting Services. Goldman Sachs provides clients with the necessary execution tools and services to manage the investment process from start to finish, from pre-trade analysis to post-trade consulting. Clients access our global offering via REDIPlus and FIX, available for trading global equities, options, futures, foreign exchange and swaps. Customers can seek liquidity using our suite of multi-asset algorithms, route to optimal destinations using SIGMA router and take advantage of one of the largest U.S. crossing network, SIGMA X.

Number of correspondents: 200+

Correspondents: Institutional

Parent company: Goldman Sachs

Contact: Kyle Czepiel, Managing Director, (212)357-2802,

 LPL Financial Custom Clearing Services

9785 Towne Centre Drive, San Diego, CA 92121 Phone: 800-877-7210 Website:

Services: LPL Financial has achieved its status as the largest independent broker/dealer in the country* through an undeviating commitment to a conflict-free and customer-focused business model. Throughout the years, LPL Financial has made substantial investments in building out its capabilities to offer industry leading technology, training, service, and unbiased research to financial advisors, financial institutions, and institutional clearing clients.

Throughout the process of building a world-class independent broker/dealer, LPL Financial has gained invaluable expertise in the clearing, technology, compliance, and customer service functions. Armed with these valuable systems and best practices, LPL Financial created Custom Clearing Services.

For leading financial services companies looking to increase financial advisor productivity, lower development and operating costs, and mitigate compliance risk, Custom Clearing Services is the solution. Custom Clearing Services delivers a superior outsourcing proposition that enables customers to take their broker/dealer business to the next level.

*As reported by Financial Planning magazine, June 1996-2009, based on total revenue.

Parent Company: LPL Financial

Contact: Marc Ravenscroft, Vice President, (800)877-7210, ext.7329.,

National Financial

200 Seaport Blvd., Z2P, Boston, MA, 02210 Phone: 1-800-752-7053

Services: National Financial, a Fidelity Investments company and the second largest provider of clearing and custody services to approximately 300 client firms representing over $440 billion in assets under administration (as of September 30, 2010), offers firms access to a comprehensive clearing platform, inclusive of a dedicated service model, a powerful global trading platform, and a source of leading investment solutions, all designed to help them grow confidently. National Financial’s comprehensive offering enables it to serve broker-dealers of various types and sizes that can serve your evolving needs. In addition to being a leading clearing provider in the U.S. for nearly 30 years, National Financial leverages the strength and experience of Fidelity Investments, one of the world’s largest providers of financial services. For more information about National Financial, please visit

Number of correspondents: ~300

Parent company: FMR LLC

Contact: (800)-752-7053

BMO Nesbitt Burns

1 First Canadian Place, P.O. Box 150, Toronto, Ont., Canada M5X 1H3 Phone: (416) 359-4000


BNP Paribas Securities Corp.

787 Seventh Avenue, New York, NY 10019 Phone: 212-471-8114

BNY ConvergEx Group

Wholesale Services 1633 Broadway New York, NY 10019 Phone: 212-468-7625

Broadcort, Bank of America Merrill Lynch Global Markets

101 Hudson Street, 10th Floor, Jersey City, NJ, 07302 Contact, Michael Bird, Phone: (646) 855-3507

Correspondent Network

250 Yonge Street P.O. Box 19, Toronto, Ontario, Canada M5B 2L7 Phone: (416) 869-6695

The Depository Trust & Clearing Corporation

55 Water Street, New York, NY 10041 Phone: (212) 855-1000

Interactive Brokers Group LLC

Two Pickwick Plaza Greenwich, CT. 06830 Phone: (203) 618-5991

JP Morgan Clearing Corp

1 Chase Manhattan Plaza – 50th Floor New York, N.Y. 10005 Phone: (212) 552-1765

Legent Clearing LLC

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

Legg Mason Wood Walker

100 Light St., Correspondent Clearing Services, Baltimore Md., 21203-1476 Phone: (410) 580-7373

Lek Securities Corp.

One Liberty Plaza, 52nd Floor New York, N.Y. 10006 Phone: (212) 509-2300

Man Securities

440 South LaSalle, 20th Floor Chicago Ill. 60605 Phone: (312) 663-7720 or (800) 899-4525 

Mesirow Financial B/D and IA Services

350 North Clark Street Chicago, IL 60610 Phone: (888) 353-7788

Neuberger Berman, LLC

605 Third Avenue, New York, NY 10158, Phone: (877) 621-7427

Newedge Group

630 Fifth Avenue, Suite 500 New York, NY 10111 Phone: (646) 557-8382

North American Clearing

(Formerly Advantage Trading Group) 1385 West State Rd. 434 Longwood, Fla. 32750 Phone: (800) 599-4811

Oppenheimer & Co.

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

Penson Worldwide, Inc.

1700 Pacific Avenue, Suite 1400, Dallas, TX 75201 Phone: 800.696.3585

Pershing LLC

One Pershing Plaza, Jersey City, N.J. 07399 Phone: 866.269-8293

Raymond James & Associates

880 Carillon Parkway, P.O. Box 12749 St. Petersburg, FL. 33733-2749 Phone: (888) 752-5327

RBC Correspondent Services

60 South 6th St., Minneapolis, Minn. 55402, Phone: (888) 462-1816

Southwest Securities

1201 Elm Street, Dallas, TX 75270 Phone: 877-797-6613

Sterne Agee Clearing

Division of Sterne Agee Capital Markets 800 Shades Creek Parkway, Suite 580, Birmingham, Ala. 35209 Phone: (800) 264-4863

Wedbush Securities

1000 Wilshire Blvd., Los Angeles, CA 90017 Phone: (213) 688-4567 Fax: (213) 688-6692



(c) 2012 Traders Magazine and SourceMedia, Inc. All Rights Reserved.