Penson Financial Services Australia, a subsidiary of Penson Worldwide, has signed a 5-year exclusive agreement to provide clearing services for equities and exchange traded options for D2MX, a provider of wholesale and intermediary direct market access (DMA) broking services in Australia.
D2MX has approximately 40 wholesale broker-dealer clients, which cumulatively have more than 250 financial advisers.
Alistair Warren, CEO of D2MX, said: “This will play a major role in the growth of our business, taking us to the next level of our development as a leading DMA broker.”
Bryce Engel, executive vice president of international businesses at Penson Worldwide, said: “With approximately 300 correspondents globally, Penson is honored to have D2MX join our service model offering in Australia. We are excited by the opportunities in Australia and look forward to converting other Australian correspondents in the months ahead.”
The Penson Worldwide group of companies provides execution, clearing, custody, settlement and technology infrastructure products and services to financial services firms and others servicing the global financial services industry.