Consolidation in the correspondent clearing space is set to continue with the sale of Wexford Clearing, the clearing arm of Prudential Securities that specialised in emerging market debt securities, to Refco. Wexford, which Prudential bought from Daiwa Securities four years ago, is being sold in the wake of the merger of Prudential with Wachovia Securities. Wachovia owns a correspondent clearing business called First Clearing.
Correspondent Clearing Consolidation Continues With Sale Of Wexford Clearing To Refco
Consolidation in the correspondent clearing space is set to continue with the sale of Wexford Clearing, the clearing arm of Prudential Securities that specialised in emerging market debt securities, to Refco. Wexford, which Prudential bought from Daiwa Securities four years