first the classification of accounts held by a carrying broker for the
accounts held by a defunct carrying broker and share pro rata in
position that a person whose accounts are cleared by a carrying broker
dealers is a customer of the carrying broker, and not the introducing
intermediary between customers and carrying brokers. (19) An
nationwide for the benefit of relatively few carrying brokers.
proceedings brought by Stanford investors against carrying brokers for
There has always been a need for a strong independent Carrying Broker in Canada and we believe that by bringing these accounts to Fidelity directly, our team is acting in the best interest of our clients.
Since entering the market three years ago, Fidelity Clearing Canada has established relationships with more than 20 Canadian broker-dealers and built a reputation as a committed and strong participant in the Carrying Broker and Custody services market.
PFSC generated 12-month trailing net revenues of CAD46m (USD45m/EUR34.2m), with a book value of CAD56m, over 100 customers and 179 employees asA at 30 September 2011.Country: , CanadaSector: Banking/Financial ServicesTarget: Penson Financial Services Canada IncBuyer: Several unnamed financial firmsVendor: Penson Worldwide IncType: DivestmentStatus: Talks
A bank may only rely on this exception if it does not act in a trustee or fiduciary capacity, and complies with the SEC's guidance regarding carrying broker
Form Custody requires the introducing broker/dealer to identify all carrying brokers
to which their customers are introduced on a fully disclosed, as well as an omnibus, basis.