Penson Says Rosenthal Will Be CEO; Apex Will Buy Some Accounts and Contracts of Penson Unit

Penson Worldwide

, and PEAK6 Investments, LP, today announced the formation of Apex Clearing Corporation. Under the terms of the agreement, Apex Clearing has agreed to acquire the correspondent and customer accounts and contracts of the securities division of Penson's U.S. broker–dealer subsidiary Penson Financial Services, Inc. (PFSI) which covers approximately 230 U.S. based securities correspondents and one million customer accounts. The agreement does not include Penson's Futures or Canadian Operations. Apex Clearing is expected to begin operations in the coming days following the completion of certain closing conditions and receipt of required regulatory approval from the U.S. Securities and Exchange Commission and FINRA.