Penson has named Clive Triance as Chief Executive Officer of Penson Financial Services, its London-based clearing and execution services subsidiary.
Since 2007 Triance was COO of Instinet Europe, and previously COO of Citigroup’s Securities and Fund Services division for Europe, Middle East and Asia. From 1998-2004, he served as Global Head of Operations of Cantor Fitzgerald International, the London-based subsidiary of the institutional brokerage firm.
Penson’s clearing and commission fees declined $2.1 million in 2009.
“We are pleased to have a leader of Clive’s caliber to head one of our key operations,” said Bryce Engel, Executive Vice President of Penson Worldwide responsible for international businesses. “Clive shares our vision at Penson to become the world’s leading independent provider of clearing and execution services. With Clive’s experience and knowledge, we expect the PFSL platform to grow impressively as electronic trading in the UK and Europe takes off.”