Founded in 1995, Penson Financial Services, Inc., a subsidiary of Penson Worldwide, Inc., grew to become one of the world's largest non-bank clearing firms. The company provided back-office processing and brokerage services to other financial institutions, such as retail brokers, institutional firms, and private banks. Its core business involved handling the confirmation, settlement, and delivery of financial transactions. Following significant financial difficulties and regulatory capital issues, its main US subsidiary filed for Chapter 11 bankruptcy in January 2013, leading to the sale of its assets and the eventual closure of its operations.

Founded in

United States