Penson

[zdreg]

http://www.sec.gov/Archives/edgar/vprr/12/9999999997-12-005019

"We have capital requirements to cover losses should one of our clients go negative. "
where do customer Statements come from? you or penson?

 

[rmorse]

Quote from zdreg:

"We have capital requirements to cover losses should one of our clients go negative. "
where do customer Statements come from? you or penson? [/B]

We introduce to Penson, ML Pro, Penson Futures and FC Stone. In every instance, our clients custody their assets and securities at that Prime Broker. In every instance our client has a log in to that Prime Broker's customer log in on their website. At the end of each month and the year, you get month statements from the Prime Broker.

We also offer custom reporting for those that require it. The client is a customer of the Prime Broker but is introduced by us. We become the broker of record on the account. We NEVER touch funds or securities.

These Prime Brokers want us to service these accounts. They can't support thousands of traders calling and asking questions. Penson has over 300 correspondents. Some are brokers like us, some are JBO prop firms. These is the way these firm do business.