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Penson Financial Services appointed by LCG to provide outsourced clearing services

Penson Financial Services Ltd (PFSL), the UK based clearing services subsidiary of Penson Worldwide, Inc. (NASDAQ: PNSN), announced today its appointment by London Capital Group Limited to provide fully disclosed (Model B) outsourced clearing services for its equities broking division.

London Capital Group Limited (LCG), which is owned by London Capital Group Holdings plc, is a rapidly growing financial services company. It provides online foreign exchange trading services to institutional clients under the Capital Forex brand, institutional derivatives and equities broking.

Commenting on the appointment of Penson, Mr. Frank Chapman, Chief Executive Officer at LCG said, "LCG is rapidly growing, and at the core of our decision to outsource to Penson was the requirement to select a firm which would be well placed to support our business as it continues growing. We were impressed not only with Penson's technical capabilities, but also with their dedication to providing additional client support services to help our business."

Sharron Davey , Director of Client Services, Sales and Marketing at PFSL added, "We are delighted to be working with London Capital Group. At Penson, we believe that technology is just one piece of the client delivery equation. We pride ourselves on our service infrastructure, which supports the implementation of our technology and focuses on the overall service delivery to clients."