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Penson Financial Services introduce STARS, a new outsourced settlement platform for institutional clients underpinned by Syn~ architecture

Penson Financial Services Ltd (PFSL), the UK based clearing services subsidiary of Penson Worldwide, Inc. (NASDAQ: PNSN), today announced that it has incorporated Syn~ as the mid- and back-office clearing and settlement solution for STARS (Solution for Transaction Administration and Real Time Settlement) for its institutional clients.

PFSL, an FSA regulated firm, provides a broad range of execution, settlement, clearing and custody services to market makers, broker dealers and private client wealth managers. Over the past year, PFSL has reviewed its processes, products and service delivery standards and evaluated potential systems. As a result of this strategic review, Syn~ was chosen to update the core hosted solutions for institutional clients. STARS will extend and improve PFSL's services to clients as well as enable operational efficiencies.

Alan Philpot, CEO of PFSL, commented, "We are proud to have introduced our new STARS institutional platform which is underpinned by Syn~. STARS is designed to help institutional clients which outsource their Model A or fully disclosed clearing to Penson and is flexible and adaptable to their individual requirements. We look forward to signing up more institutional clients to our STARS platform and introducing a new technology platform for our retail clients later this year."

Sharron Davey, Director of Client Services, Sales and Marketing added, "At Penson, we believe that technology is one piece of the client delivery equation. In addition, we pride ourselves on our service infrastructure which supports the implementation of our technology and focuses on the overall service delivery to clients. In addition to introducing new technology products, we believe that our high service standards differentiate Penson from other outsourcing providers. "

Syn~'s modern, flexible, rules and model-based architecture has assisted PFSL to create a series of pick and mix modules from which client firms choose in order to create a tailor-made, integrated and hosted solution.

"Syn~ is a modern, scalable, settlement, order routing and reference data management solution for firms wanting to provide tailored, hosted services to individual clients in an efficient multi-client environment," said Sunil Shah, Chief Executive Officer of Coexis.