Penson Worldwide, the Dallas-based broker-dealer and wealth management clearing company, has acquired California-based Nexa Technologies, a provider of direct access retail brokerage services.
Penson also announced the appointment of Eric Stoop, President, Nexa Technologies, as President, Integrated Trading Systems, Inc (ITS), a wholly-owned subsidiary of Penson Worldwide.
Penson’s acquisition of Nexa Technologies adds software tools for retail brokers to its offerings, which ranges from basic web front-end brokerage trading systems to professional trading workstations and brokerage management tools.
Penson says Nexa’s multi-lingual and multi-currency trade management and analysis tools will allow retail brokers, money managers and registered investment advisors to integrate with its back office clearing, custody and settlement services, enhancing levels of automation..
“Penson, Nexa and our respective clients have gained significant benefits from the technology partnership we have nurtured over the past three years,” says Eric Stoop, President, Nexa Technologies and newly-appointed President, ITS. “This acquisition further solidifies an already strong relationship that will allow Nexa further growth and the ability to deploy even more robust products and services to its clients.”
Daniel P. Son, President, Penson Worldwide, adde that the acquisition o Nexa “will further strengthen our ability to help our clients maintain their competitive edge through our comprehensive range of low cost, flexible solutions.”
Penson already uses the Omni Pro trading platform from ITS, a trading platform offering real-time market data, instant Level II access, intelligent order routing, and advanced order types and back office administration tools.
“Nexa’s products are widely compatible with Penson’s existing set of technology solutions,” says Stoop. “Whereas technologies such as ITS’s Omni Pro solution is focused on the high-end active trader from institutional and proprietary trading firms, Nexa provides a broader spectrum of capabilities aimed at the less active trader. The combination of these software solutions adds true value and greater choice to Penson’s client base. The net result will be improved efficiencies and reduced costs across the board.”