Penson Financial Services Canada, Inc. is purchasing the Ubitrade Futures and Options solution for the Straight-Through-Processing (STP) of futures and options contracts. As the result of their recent move into the clearing of futures transactions in Canada, Penson was looking for a system to support their client activity. They chose Ubitrade after doing an extensive comparative study of other competitors' products. Penson's first client to be using futures in Canada, The Jitney Group, Inc., is a Montreal-based brokerage house specializing in professional virtual trading floors for traders, market makers, and institutional firms. Penson Financial Services Canada, Inc. is one of the largest clearing firms in Canada.
Sylvain Perreault, President and CEO of The Jitney Group, Inc.commented, "We needed a professional system that can support our back office operations. Penson ran a comparative study and Ubitrade Futures and Options turned out to be the best match to the requirements of companies such as ours. Its multiple clearing levels will allow us to provide back office services to our clients. Ubitrade Futures and Options also has
extensive web capabilities that fit well in our future strategy to serve
our clients over the internet. Another key element in our decision was the
scalability of Ubitrade Futures and Options, which will accompany our
Didier Bouillard, Chief Executive Officer of Ubitrade, said, "We are hopeful this deal will encourage other North American exchange members to
review their current arrangements and demand a product that fully meets
their needs. A strong and reliable back office package is necessary to
successfully support and develop our clients' activities. Ubitrade Futures
and Options offers a cost-effective, easy-to-tailor, and highly flexible
Ubitrade is a leading supplier of advanced systems solutions for trading,
risk management, and back office systems in capital markets to over 120
clients in 20 countries.