ADP Clearing & Outsourcing Services
26 Broadway, New York, N.Y. 10004, (888) 552-5248, fax: (212) 747-3260,
www.adpcos.com
Services: ADP Clearing & Outsourcing Services provides full-scale execution, clearing and business enhancement services and a vast array of financial products and services to retail and institutional broker-dealers. Our offerings include wealth management products, asset management accounts, fee-based managed money programs, top-rated research, extensive mutual fund offerings, a full range of online reporting tools and resources, and a variety of retirement plan accounts. Our technology platform supports a Web-based broker workstation, electronic documents, cold-storage capability and a Correspondent Resource Center. Each client is assigned a dedicated relationship manager and has direct access to our Operations Solutions Group. We assist our clients with broker recruiting, and ongoing sales and product training. ADP's three-tier service offering enables each institution, regardless of size, to choose the appropriate range of outsourcing services to best meet its needs on a single platform: service bureau, operations outsourcing or correspondent clearing.
Number of correspondents: 150
Correspondents: Retail, institutional, prime broker
Parent company: Automatic Data Processing
Contacts: Sales, (888) 294-5681
Advanced Clearing
4211 South 102nd St., Omaha, Neb. 68127, (866) 423-2683, fax: (402) 597-7749, www.advancedclearing.com
Services: Advanced Clearing provides clearing, execution and related services to broker-dealers through either fully disclosed or omnibus relationships. With Advanced Clearing, brokers and their clients have access to the Ameritrade Connection through a broker workstation, which provides tools to conduct complete account inquiry and order entry activities. All trades are routed through the firm's proprietary order routing system, accessing multiple market makers, all major stock exchanges and ECNs to obtain execution. Advanced Clearing also has interfaces with some of the leading portfolio and client management software and assigns a personalized team of correspondent service representatives to each correspondent.
Correspondents: Retail
Parent company: Ameritrade Holding Corp.
Affiliate divisions: Ameritrade, Ameritrade Plus, Accutrade, Freetrade, Ameritrade Advisor Services, Ameritrade Corporate Services, Ameritrade Financial Services
Contacts: Jim Wangsness, SVP, (866) 423-2683
Bear Stearns Securities Corp.-Global Clearing Services
383 Madison Ave., New York, N.Y. 10179, (888) 850-5192, fax: (212) 272-5321, www.globalclearing.com
Services: Bear Stearns Broker-Dealer Services is an integral part of Global Clearing Services, a leader in the clearing and custody industry for nearly 30 years. GCS is one of Bear Stearns' three main operating divisions, and provides a complete range of services through three integrated business groups: Broker-Dealer Services, Prime Brokerage and Advisor Services. These groups leverage a custody, operations, technology and order routing infrastructure provided by Bear Stearns Securities Corp., and the execution capabilities of Bear, Stearns & Co., to support broker-dealers, investment advisers and hedge funds. Broker-Dealer Services provides clients full access to the resources of the Bear Stearns Cos., and enables them to retain their best customers while competing for new business with their competitors.
Number of correspondents: More than 340 fully disclosed correspondent clients
Correspondents: Institutional, money managers, retail, hedge funds and registered investment advisers
Parent company: The Bear Stearns Cos.
Affiliate companies: Bear Stearns & Co., Bear Stearns Securities Corp., Bear Stearns International Ltd., Bear Stearns International Trading, Bear Stearns Bank Plc, Bear Stearns Capital Markets, Bear Stearns Credit Products, Bear Stearns Financial Products, Bear Stearns Mortgage Capital, Custodial Trust Co., EMC Mortgage
Contacts: Ron Suber, senior managing director and director of global clearing sales, (888) 283-8389, fax: (415) 288-2401, rsuber@bear.com; Joe Triarsi, senior managing director and director of broker dealer sales, (888) 850-5192, fax: (212) 272-5321,
jtriarsi@bear.com
BMO Nesbitt Burns
1 First Canadian Place, P.O. Box 150, Toronto, Ont., Canada M5X 1H3, (416) 359-4000, fax: (416) 359-4311, www.bmonesbittburns.com
Services: BMO Nesbitt Burns offers correspondent clearing of securities transactions and some clearing of futures and other financial obligations.
Correspondents: Institutional
Parent company: Bank of Montreal
Affiliate companies: BMO Nesbitt Burns, Harris Bank, Harris Nesbitt
Contacts: See above
Broadcort, a division of Merrill Lynch, Pierce, Fenner & Smith Incorporated
101 Hudson Street, 7th Floor, Jersey City, N.J., 07302, (201) 557-4291, fax: (201) 557-4500, www.broadcort.com
Services: Broadcort delivers clearing and execution services to broker/dealers, providing customized solutions, the latest technology, and exceptional client service. As a division of Merrill Lynch, Broadcort has the resources to support the most complex business requirements.
Broadcort's institutional clearing services include equities, options, fixed income and international securities, online access to trade processing, seamless account opening, fully automated block allocations, real-time street reconciliation, and online order entry. Broadcort offers a secure Internet product, Broadcort Online (BCOL), hosted on the Merrill Lynch MLX portal. BCOL applications support electronic downloads of all brokerage-related information, online access to trade processing, real-time street reconciliation, statements, daily trade confirms, seamless account opening, fully automated block allocations, intra-day P&L reports, compliance reports, true ad hoc report generation, and online order-entry.
Broadcort's execution services include electronic and voice trading solutions, direct market access to U.S. equity and options exchanges, major ECNs, SuperMontage, third-market firms, and other liquidity providers.
Number of Trades Cleared in 4Q04: 54 million
Number of correspondents: 138
Parent company: Merrill Lynch & Co.
Affiliate companies: Major U.S. affiliates include: Merrill Lynch Investment Managers, LP, Merrill Lynch Government Securities, Merrill Lynch Professional Clearing Corp., Merrill Lynch Bank USA, Merrill Lynch Bank & Trust Co., Merrill Lynch Capital Services, Merrill Lynch Insurance Group. Major international affiliates include: Merrill Lynch International, Merrill Lynch Investment Managers Ltd., Merrill Lynch International Bank Ltd., Merrill Lynch Capital Markets Bank Ltd., Merrill Lynch Japan Securities Co., Ltd., Merrill Lynch Canada
Contacts: Timothy J. Hamick, Head of Sales & Marketing, managing director, Global Clearing and Execution Services, (312) 431-7110, timothy_hamick@ml.com; Pat Costa, Director, Global Clearing and Execution Services, (201) 557-4291, pat_costa@ml.com
Computer Clearing Services
801 N. Brand Blvd., Suite 1020, Glendale, Calif. 91203, (818) 242-9333, fax: (818) 242-3723, www.ccls.com
Services: Computer Clearing Services (CCS) offers technology-based, fully disclosed and omnibus clearing for retail and electronic trading of U.S. securities. CCS's main focus is on direct access, online trading, electronic retail brokerage, proprietary trading, ECN liquidity trading and institutional DVP/RVP. CCS is a service bureau for many trading platforms that provide electronic processing solutions for our correspondents to all major execution destinations. CCS has developed a Web site to provide correspondents and their customers with all the information they need to conduct their business, including e-statements, e-confirms and Internet-based reports.
Number of correspondents: 48
Correspondents: Retail, proprietary, direct access, ECN liquidity trading and institutional
Parent company: Acument Holding Co.
Contact: David Alsup, national sales manager, (818) 242-9333, fax: (818) 242-3723,
dalsup@ccls.com
First Clearing Correspondent Services
Riverfront Plaza, 901 East Byrd St., Richmond, Va. 23219, (888) FCC-CLEAR, www.firstclearing.com
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, www.firstswclearing.com
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, ssamberg@firstsw.com
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, jseeberg@interactivebrokers.com; John Cracraft, (203) 618-5971, jcracraft@interactivebrokers.com
Jefferies & Co.
520 Madison Ave., New York, N.Y. 10022, (212) 284-2429, fax: (212) 284-2476, prime.jefco.com
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, dconover@jefco.com; Vincent Lupo, SVP, (212) 336-7421, fax: (212) 336-7013,
vlupo@jefco.com
Legent Clearing Llc
9300 Underwood Ave., Suite 400, Omaha, Neb. 68114, (402) 384-6100, fax: (402) 384-6125, www.legentclearing.com
Services: Legent Clearing offers securities clearing, settlement and custody services to traditional securities broker/dealers as well as banks, trust companies, money management firms and other financial institutions. The Legent back office system supports a full suite of products that enables it to service correspondents that are as varied as small boutique firms or large internet-transaction-based brokerages. Legent's offerings include Internet access for correspondents and retail customers, retirement products, a cash performance account with an FDIC-insured money market, and dividend reinvestment. Legent has the experience that allows for flexible, adaptive and customized solutions to the specific needs of correspondents.
Number of correspondents: 33
Type of correspondents: retail and institutional
Number of 4Q 2004 trades cleared: 260,000
Parent company: Legent Holding
Contact: Jeff Sime, president, 402-384-6122, jeff.sime@legentclearing.com
Legg Mason Wood Walker
100 Light St., Correspondent Clearing Services, Baltimore Md., 21203-1476, (410) 580-7373, fax: (410) 454-0232, www.leggmason.com
Services: The Legg Mason Clearing and Technology Group offers a fully integrated clearing platform to registered investment advisers. Legg Mason's Sybase platform runs on software that the firm manages, which allows for enhancements and customizations not usually available to service-bureau customers. This means the firm can support 18 months of online customer account history, real-time cashiering functionality, local confirm printing and many other features that can improve efficiency and productivity. Legg Mason has the ability to interface with several portfolio management systems and can provide clients a nightly download of all account activity to their portfolio systems. The firm is also prepared to work with clients to customize applications to meet their needs.
Number of correspondents: 8
Correspondents: Registered investment advisers
Parent company: Legg Mason
Affiliate companies: Private Capital Management, Bartlett & Co., Royce & Associates, Brandywine Asset Management, Batterymarch Financial Management, Western Asset Management Co., Barrett Associates, Legg Mason Ltd., Berkshire Asset Management, Perigee, LeggMason Investors, Legg Mason Trust FSB, Asset Management and Technology Solutions
Contact: Diana D. Cooper, VP operations, (410) 580-7373, fax: (410) 454-0232,
dcooper@leggmason.com
Lek Securities Corp.
140 Broadway, New York, N.Y. 10005, (212) 509-2300, fax: (212) 509-3540, www.leksecurities.com
Services: Lek Securities Corp. provides clearing and execution services to money managers, hedge funds, market makers, specialists and direct access brokers for equities, options and single-stock futures. Lek Securities's ROX order management system allows for direct access to any exchange, ECN or market maker. With ROX, a click of a mouse will route an order to an ECN or electronic market center, or the order can be sent to a wireless handheld for manual execution in a trading crowd. Lek Securities employs a network of floor brokers to service its customers' direct access needs for large or complicated orders. For a select group of professional clients, Lek Securities provides highly automated clearing and financing services. Customers have access to their account data in real time through ROX or a secure Web site.
Number of correspondents: 23
Correspondents: Institutional
Contact: Samuel F. Lek, CEO, (212) 509-2300, fax: (212) 509-3540,
saml@leksecurities.com
Man Securities
440 South LaSalle, 20th Floor, Chicago Ill. 60605, (312) 663-7720 or (800) 899-4525, fax: (312) 902-6090, www.mansecurities.com or www.mansecuritiesinc.com
Services: Man Securities offers securities clearing, specializing in options execution and clearing.
Number of correspondents: 10
Parent company: Man Group Plc, Man Financial
Contacts: Dan Caputo, SVP, (312) 663-7738, dcaputo@manfinancial.com; Mike Pontone, VP, (312) 663-7794, fax: (312) 663-7764
Mesirow Financial
350 North Clark St., Chicago, Ill. 60610, (312) 595-6000, fax: (312) 595-7202, www.mesirowfinancial.com
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, slis@mesirowfinancial.com;
Kristina McIntyre, VP, (312) 595-6083, fax: (312) 595-7202,
kmcintyre@mesirowfinancial.com
National Financial
200 Seaport Blvd., Z2P, Boston, Mass. 02210, (800) 752-7053, fax: (617) 476-0368, www.nationalfinancial.com
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, www.nb.com/clearing
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, jeff.fernandez@lehman.com; Jeffrey L. Maier, senior vice president, sales & marketing,
(212) 476-8597, Fax (212) 476-5620, jmaier@nb.com
North American Clearing
(Formerly Advantage Trading Group)
1385 West State Rd. 434, Longwood, Fla. 32750, (800) 599-4811, fax: (407) 774-2275, www.northamericanclearing.com
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
Correspondents: Retail, institutional, online trading, bonds
Contact: John Busacca, President, (800) 599-4811, fax: (407) 774-2275,
john@northamericanclearing.com
Oppenheimer & Co.
125 Broad St., New York, N.Y. 10004, (212) 668-8000, fax: (212) 943-8728, www.opco.com
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, www.penson.com
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, ppendergraft@penson.com
Pershing LLC
One Pershing Plaza, Jersey City, N.J. 07399, (866) 269-8293, fax: (201) 413-0934, www.pershing.com
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, www.raymondjames.com/clearing
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, www.rbcdaincs.com
Services: RBC Dain Correspondent Services is focused on the broker-dealer that wants to partner with a wealth management-focused clearing firm. The firm listens to correspondents through conferences, collaboration on project development and frequent conference calls. RBC assists correspondents with opportunity identification and analytics to increase and manage business efficiently. RBC Dain Correspondent Services provide ongoing, business-specific training in technology, products and applications.
Number of correspondents: 170
Correspondents: Retail and institutional
Division of: RBC Dain Rauscher
Parent company: Royal Bank of Canada, RBC Financial Group
Contact: Shileen Groth, director of administration, (888) 462-1816, shileen.groth@rbcdain.com
Spear, Leeds & Kellogg
1 New York Plaza New York, N.Y. 10004, (212) 433-4279, www.slk.com
Services: Spear, Leeds & Kellogg, a Goldman Sachs company, provides a comprehensive and tightly integrated suite of clearing, prime brokerage and execution services to the institutional and broker-dealer community. SLK offers interactive tools and services tomaximizeperformance in this increasingly complex and dynamic environment.Specifically, REDIPlus isthepremier electronic trading platform, offering destination-neutral access to all major pools of liquidity. It utilizes smart routing technology to access fragmented pools of liquidity and trades U.S. equities, options and electronic futures, plus European equities and electronic futures. Additionally, clients can access Goldman Sachs algorithms (GSAT), connect to every major OMS system and integrate single-share and portfolio trading capabilities all in one system.SLK clears numerous agency broker-dealers, direct access firms, market makers, hedge funds and professional traders,whichutilize REDIPlus. Trades executed with other brokers can be entered into REDIPlus for a real-time view of positions and profit and loss.TheWeb-basedCustomerAccessSystem provides prime brokerage and clearing clients the ability to track historical data and enables drill-down functions for advanced analysis. Some of the system's capabilities include money line information, P&L,position detail, capital activity and trade activity. Information can be customized and sorted according topersonalpreference and downloaded for easy viewing. Additionally, the Web-based portfolio accounting and reporting system provides all necessary tax-related information and uses straight-through processing.
Number of correspondents: More than 200
Correspondents: Institutional
Parent company: Goldman Sachs
Affiliate companies: SLK Electronic Transaction Services, First Options of Chicago (FOC), SLK Specialist LLC
Contact: James Rogan, managing director, (212) 902-2938, james.rogan@gs.com
Sterne Agee Clearing Division of Sterne Agee Capital Markets
800 Shades Creek Parkway, Suite 580, Birmingham, Ala. 35209, (800) 264-4863, fax: (561) 391-9778, www.salclearing.com
Services: Sterne, Agee & Leach Capital Markets provides clearing and broker-dealer services to retail, trading and registered investment adviser firms. Utilizing the Beta System, the firm provides features such as customized reporting, online account access and trading, browser- and PC-based broker workstations and inventory financing. Services include fully disclosed, omnibus and prime brokerage clearing.
Number of correspondents: 85
Correspondents: Retail and institutional
Parent company: Sterne, Agee & Leach Group
Affiliate companies: Sterne, Agee & Leach, SAL Financial Services, The Trust Co. of Sterne, Agee & Leach, Sterne, Agee Asset Management
Contact: W. Dennis Ferguson, president,
(800) 264-4863, dferguson@sterneagee.com
TD Waterhouse Institutional Services Canada
161 Bay St., 2nd Floor, CT Tower, BCE Place, Toronto, Ontario M5J 2T2, Canada, (416) 308-9119, www.tdwaterhouse.ca/institutional-services
Services: TD Waterhouse Institutional Services is a provider of securities processing services to external broker-dealers in the Canadian financial marketplace. A division of TD Waterhouse Canada, TD Waterhouse Institutional Services delivers trade execution, clearing and reporting capabilities. As a wholly owned subsidiary of the TD Bank Financial Group, TD Waterhouse Institutional Services Canada offers correspondent clients access to cutting-edge technology and an array of products suited for both retail and institutional investors.
Number of correspondents: Approximately 30
Correspondents: Retail and institutional
Division of: TD Waterhouse Canada
Parent company: TD Bank Financial Group
Contacts: Peter Boffo, national sales manger, (416) 308-9119, peter.boffo@td.com; John Skain, VP, (416) 308-8900, john.skain@td.com
Triad Securities Corp.
111 Broadway, 11th Floor, New York, N.Y. 10006, (212) 349-8060, fax: (212) 587-3981, www.triadsecurities.com
Services: Triad Securities Corp. provides trade execution and operational clearing services to institutional, retail and prime broker clients.
Trades cleared in 3Q04:
Number of correspondents: 220 prime broker clients
Correspondents: Institutional and prime broker clients
Contacts: Ray Holland, (212) 349-8190, rholland@triadsecurities.com; Larry Goldsmith, (212) 349-9078, lgoldsmith@triadsecurities.com; Charles Fisher, (212) 349-8196, cfisher@triadsecurities.com
Wedbush Morgan Securities
1000 Wilshire Blvd., 7th Floor, Los Angeles, Calif. 90017, (213) 688-8000, fax: (213) 688-6692, www.wedbush.com
Services: Wedbush Morgan Securities has been a clearing leader for more than 30 years and is the largest international clearing firm headquartered on the West Coast. Wedbush Morgan provides clearing solutions and prime brokerage for black box trading firms, retail broker dealers, investment banks, institutional firms, municipal bond underwriters, proprietary and professional trading firms, market makers and hedge funds. Wedbush Morgan prides itself on providing value-added service to each of its clients and correspondents throughout the world. With assets in excess of $1 billion, and with more than $100 million in net capital, Wedbush Morgan Securities offers its clients the strength and stability they need to grow their businesses.
Number of correspondents: Approximately 100 nationally
Correspondents: Retail, Institutional and Proprietary
Parent company: E-Capital Corp.
Contact: Jeff Martin or Sean Thompson at (213) 688-4567, fax: (213) 688-6692, jeff.martin@wedbush.com, sean.thompson@wedbush.com
