Penson Financial Services Canada Inc., the Canadian arm of Dallas-based third party clearer Penson Worldwide, has launched an online foreign exchange (FX) trading system, Penson FX, in Canada and the US.
Aimed at traders within brokerage and investment management firms, Penson FX aims to give users real-time access to live prices on the global foreign exchange markets from their desktops. It also aims to provide them with the ability to execute a trade on the given prices instantaneously via Penson.
All major currency pairs and crosses are available for trading and cash settlement, spot or against equities. Clients can place market, limit and stop orders through Penson FX.
Orion Securities, a Canadian dealer, is one of the first clients to go live with Penson FX. Penson has had an introducing/broker agreement with Orion since the third quarter of last year.
“Penson FX fills a real gap in the market in which we operate,” says Chris Salapoutis, Chief Operating Officer, Orion Securities. “It gives us reliable access to consistently competitive FX prices available in real-time and the ability to act upon those prices quickly, direct from the desktop. This speed and quality of service is imperative given the world of tight spreads and margins in which our FX traders operate. Penson is able to provide a level of flexibility and technological superiority. Moreover, it is able to provide exactly what we want and need at a competitive price.”
Penson FX includes an ‘instant messaging’ feature for real-time contact with Penson’s trading desk, allowing traders to manage and execute currency deals and place orders from their desktop to maximise speed and efficiency.
“The FX market is all about speed and volume,” says Rick Ness, President, Penson Financial Services Canada. “What makes Penson FX stand out from the crowd is the user-friendliness of its front-end and the ease with which traders can execute directly and quickly through Penson.”