Penson Financial Services Joins SmartPool Dark Pool

Penson Financial Services Joins SmartPool Dark Pool London-based clearing unit Penson Financial Services announced it has joined SmartPool, a European liquidity pool created by NYSE Euronext, HSBC, JPMorgan and BNP Paribas.

Penson said the arrangement will significantly reduce clearing and settlement costs for firms trading within SmartPool through its offering of outsourcing and general clearing member services. It will also pave the way for more traders to deal within the dark pool without forcing them to upgrade their infrastructures.

"Penson views this relationship as a way to efficiently expand our services to a significant number of European broker-dealers," Pension Financial Services Chief Executive Clive Triance said in a statement.

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio