No more Penson at thinkorswim/TDA

[opt789]

No more Penson at thinkorswim/TDA:

“Please be advised that TD Ameritrade Inc. ("TD Ameritrade") has entered into an agreement with Penson Financial Services, Inc. ("Penson") in which TD Ameritrade Inc. has agreed to act as the futures commission merchant for futures accounts introduced to Penson and serviced by TD Ameritrade. Accordingly, TD Ameritrade has made arrangements with Penson to have your futures account transferred to TD Ameritrade as of the close of business February 10, 2012. Therefore, absent written instructions from you to the contrary, Penson will, effective February 13, 2012, transfer all open positions, funds and other property in your futures account to TD Ameritrade.”

 

[jeb9999]

That notice just says that TD Ameritrade will act as the FCM. It does not say who is clearing the trades - Penson or some other clearing firm.

As of 02/01/2012 TD Ameritrade is not on the list of CME clearing firms.
http://www.cmegroup.com/tools-information/clearing-firms.html

 

[opt789]

Yes Penson is still clearing but TDA will be holding the money, and they will be the custodian of the funds not Penson. TDA hopes to be self clearing for futures within a year or so.

 

[opt789]

I received an email from them that says they are not planning any significant changes when they take over as FCM.
I am hoping they add more futures and futures options that can be traded, but for now I am happy that we don’t have to worry about our money being held at Penson anymore.

 

[KINGOFSHORTS]

Quote from opt789:

Yes Penson is still clearing but TDA will be holding the money, and they will be the custodian of the funds not Penson. TDA hopes to be self clearing for futures within a year or so.

Looks like the impact of MF global is having its effect.

 

[ddouglas]

Quote from opt789:

I am happy that we don’t have to worry about our money being held at Penson anymore.

Amen - anyone who wasn't worried about that should've been . .