Penson's founders, Daniel P. Son and Phil Pendergraft began Penson Financial Services, Inc. in 1995 with a staff of nine team members. The firm entered the securities clearing marketplace as a start-up enterprise competing with financial giants such as Fidelity Investments and Merrill Lynch. Penson Financial Services, Inc. focused its early efforts on serving the needs of active trading broker/dealers and investors. Penson grew rapidly, quickly becoming known for its innovative use of technology, advanced automation and exceptional customer service. We soon began to expand our capabilities to serve all types of investors. In 2000, Penson Worldwide Inc. was formed as the primary holding company for Penson Financial Services, Inc. and two other companies that Penson acquired that year, now known as Penson Financial Services Canada, Inc. and Penson Financial Services Limited. With these acquisitions, Penson entered the Canadian and European securities clearing industry which positioned us to take advantage of the expected dramatic growth in online trading in these markets. In 2001, Penson formed Penson Financial Futures, Inc. to enable National Futures Association (NFA) registered correspondents and their customers access to electronically-traded futures contracts. The following year, Penson acquired Integrated Trading Solutions, Inc. and made an investment in Nexa Technologies, Inc., both software firms that develop and market front-end trade entry software platforms. With our acquisition of the remaining ownership interest in Nexa Technologies in 2004, Integrated Trading Solutions was merged into Nexa Technologies.
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