Clearing, settlement and execution broker Penson Worldwide has become the first sponsoring participant in pan-European multilateral trading facility (MTF) Nasdaq OMX Europe’s sponsored access programme.
The programme allows clients of sponsoring participants to connect directly to Nasdaq OMX Europe without being members of the MTF.
Penson clients will gain access to the platform through Penson Financial Services, the firm’s UK subsidiary. Clients can connect to Nasdaq OMX Europe through proximity hosting or remote access.
Penson plans to offer sponsored access to Nasdaq OMX Europe to its clearing and execution services correspondents.
“The ability of Penson to provide Nasdaq OMX Europe sponsored access with no added latency presents a great opportunity for Penson to assist its 300 global correspondents expand their trading and product offering,” said Dan Weingarten, co-head of global sales and marketing at Penson Worldwide, in a statement.
However, Penson will not limit access to its correspondents. “With the ever-changing landscape in European trading venues brought about by MiFID, we believe we are uniquely positioned to provide access for all US broker-dealers whether they clear through Penson or not,” said Alan Philpot, CEO of Penson Financial Services. “We believe that the agnostic nature of this service offers an independent and neutral approach to connectivity to Nasdaq OMX Europe.”