I find this news to be very very interesting in light of the fraud in our market:
Fidelity Clearing Canada executes agreement to transition accounts and assets from Penson Financial Services Canada Inc.
By Fidelity Investments Canada Limited
Published: Monday, Oct. 1, 2012 - 1:35 pm
Published: Monday, Oct. 1, 2012 - 1:35 pm
TORONTO, Oct. 1, 2012 -- Additional clients enhance position as one of the leading independent Clearing Firms in Canada
TORONTO, Oct. 1, 2012 /CNW/ - Fidelity Clearing Canada today announced that it had reached a definitive agreement with Penson Financial Services Canada Inc. (Penson Canada) to facilitate an orderly transition of accounts and assets of certain of Penson Canada's Introducing Broker and Portfolio Manager clients.
The companies expect to complete the transition of referral clients in Q4 of 2012, subject to regulatory and legal approval. Fidelity Clearing Canada will work closely with Penson Canada, industry regulators and clients to ensure a smooth and timely transition to the Fidelity Clearing Canada platform, which currently supports Canadian institutional, retail and investment management firms.
"Established in 2009, Fidelity Clearing Canada has distinguished itself in the Canadian clearing market as a leading provider of clearing, custody and back-office support services to Canada-based brokerage firms," said Todd Roadman, Chief Executive Officer, Fidelity Clearing Canada. "This referral agreement allows us to leverage our strengths and scale, grow our organization and provide services to a broader base of clients."
"We are pleased that Fidelity Clearing Canada has agreed to work with us and with our clients through this transition," said John Skain, President and CEO of Penson Canada. "There has always been a need for a strong independent Carrying Broker in Canada and we believe that by bringing these accounts to Fidelity directly, our team is acting in the best interest of our clients. We feel Fidelity is well-positioned to offer the service experience our clients have come to expect."
Since entering the market three years ago, Fidelity Clearing Canada has established relationships with more than 20 Canadian broker-dealers and built a reputation as a committed and strong participant in the Carrying Broker and Custody services market. In addition to an expanding client base, Fidelity Clearing Canada continues to invest in its core operating platform and other technology solutions to support the business needs of its clients.
"Fidelity's reach, scale and commitment to a strong risk management and compliance culture creates a competitive advantage for our clients," said Roadman. "We will work closely with clients, regulators, and Penson Canada to ensure an orderly transition of those clients that choose to move, while continuing to provide the service and support existing clients expect and deserve."
About Fidelity Clearing Canada Based in Toronto, Fidelity Clearing Canada* provides execution, clearing, custody and back-office support services to Canadian-based brokerage firms and the Canadian brokerage arms of U.S.- based firms. The business is part of Fidelity's U.S.-based clearing organization, National Financial. As of June 30, 2012, National Financial serves nearly 270 broker-dealers representing nearly $410 billion in assets under administration. For more information about Fidelity Clearing Canada, please visit https://clearingcanada.fidelity.com/ .
About National Financial National Financial, a Fidelity Investments company, offers broker-dealer firms a comprehensive clearing platform that includes a dedicated service model, a powerful global trading platform, and a source of leading investment solutions, all designed to help them grow confidently. A leading clearing provider in the U.S. for over 30 years, National Financial leverages the strength, resources, and experience of the Fidelity organization, one of the world's largest providers of financial services. As of June 30, 2012, National Financial serves nearly 270 broker-dealers representing nearly $410 billion in assets under administration. For more information about National Financial, please visit http://www.nationalfinancial.com/ .
About Fidelity Investments Fidelity Investments is one of the world's largest providers of financial services, with assets under administration of $3.7 trillion, including managed assets of $1.6 trillion, as of August 31, 2012. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit http://www.fidelity.com/ .
### National Financial Services LLC, Member NYSE, SIPC 200 Seaport Boulevard, Boston, MA 02110
National Financial is a division of National Financial Services LLC.
Fidelity Clearing Canada ULC ("FCC") is an indirect, wholly-owned subsidiary of FMR LLC ("FMR"). FMR and its subsidiaries collectively, including FCC and three other separate legal entities that are also Canadian securities registrants — Fidelity Investments Canada ULC, Pyramis Canada ULC and Pyramis Global Advisors LLC, conduct business under the "Fidelity Investments" name, which is a trademark of FMR and a registered business name of FCC.
Canadian clearing and custody services provided by Fidelity Clearing Canada ULC. U.S. clearing and custody services provided by National Financial Services LLC, member NYSE, SIPC. Fidelity Clearing Canada ULC and National Financial Services LLC are affiliates.
628642.1.0
