Penson Worldwide, Inc. (NASDAQ: PNSN), a leading provider of execution, clearing, settlement, custody and technology products and services to the global financial services industry, announced today that it has entered into a reseller agreement with Mixit, a provider of world–class, advanced trading technology and FIX-based connectivity solutions to the financial industry. The reseller agreement gives Penson’s more than 280 correspondents access to the Mixit suite of technology solutions, including its institutional order management system and connectivity to its buy-side routing network. By utilizing Mixit’s order management technology, Penson can now offer its correspondents an array of new tools, which include Institutional order management and routing, advanced option trading and additional customized solutions. In addition, all of Mixit’s clients can now make use of Penson’s execution services.
Mixit is fully integrated into PensonPATH, Penson’s order execution network, allowing customers of both Mixit and Penson full access to the suite of trading tools. This includes access to all U.S. option and equity exchanges, displayed electronic communication networks (ECNs), and an expanding list of “dark” alternative trading systems (ATSs) and liquidity providers. In addition, users have access to proprietary routing logic for best execution/price routing, smart routing, liquidity seeking and Penson Algorithmic Routing (PAR). PAR is a suite of algorithms offering a variety of benchmark and custom algorithmic solutions.
“The ability to offer our customers a variety of execution options is a crucial component of our business and a key to our success. Penson can offer a single point of access for a variety of broker/dealers from start-up and niche players to institutional level firms; it’s a value-add service for existing and new correspondents in need of technology and execution services,” commented Sean Malloy, Senior Vice President and Co-Head of Sales and Marketing at Penson. “As many of Penson’s sell-side firms already use the Mixit OMS, Penson can easily onboard the client and enable its execution routes and DMA pipes, not just for Penson clearing correspondents but its execution clients as well.”
“The agreement with Penson helps us to better serve our customers by continuing to enable a wider range of choice and access to the best possible offerings while gaining a competitive edge in the market place,” said Walter Fitzgerald, President and CEO of Mixit.
“With Penson we get an innovative strategic partner that has a keen understanding of the possibilities and the benefits offered by Mixit’s technology and Professional Services,” said Antonio Panos, Executive Vice President and Head of Global Sales for Mixit. “We look forward to a long and successful relationship.”
The agreement with Mixit as a technology partner is another initiative that Penson has taken to expand its offerings to existing clients and to reach a broader, more global audience of correspondents, institutional broker/dealers, and buy-side executors via its expansive web of order routing and execution services. The expansion of execution services for both correspondents and execution-only clients includes Penson’s Trade Aggregation Program (TAP) clients. Launched in November 2007, TAP aggregates trades from correspondent and non-correspondent clients for processing through counter-party organizations, enabling Penson to reduce the total cost of trading for clients.
“Execution services continue to grow for Penson,” commented Dan Weingarten, Senior Vice-President and Co-Head of Sales and Marketing at Penson. “Between TAP, our sponsored access program, wholesale execution services and our proprietary routes, we continue to help our clients navigate the increasingly complex world of order execution.”
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