SAI Holdings, Inc., a subsidiary of Worldwide, Inc., intends to acquire Computer Clearing Services (CCS). Headquartered in Glendale, California, CCS is a US firm focused on the active/online trading market.
“CCS’ focus on leading edge technology in the U.S. clearing space is an excellent strategic fit for Penson. Thanks to our focus on delivering flexible technology solutions to maximize efficiencies, reduce costs and improve Straight-Through Processing for our clients, Penson has matured from a clearing startup to one of the top five clearing firms in terms of number of correspondents in the United States, Canada and the U.K. CCS’ market share will further boost Penson’s rapid growth over the past decade,” Daniel P. Son, president of Penson Worldwide, said.
Richard W. Barber, president, CCS, said, “Penson’s host of leading-edge solutions and streamlined services provide superb added-value to our customer base. Penson and CCS’ business models share their focus on ensuring the most efficient use of technology to enable our respective clients to build and maintain their competitive edge. Now, as a combined team, we look forward to helping our customers continue their business growth, offering the most efficient and effective solutions within a flexible framework.”
CCS correspondent clients will have access to Penson’s range of products, services and technology solutions, from Direct Market Access execution, OMS, historical and real-time market data to clearing, custody and settlement services. For CCS’ retail and institutional broker-dealer client base, Penson can provide immediate access to its futures and currencies trading, international markets and proprietary trading platforms.