Penson Financial Services (Penson) has signed up technology provider GBST to provide services to its third-party clearing business.
The decision follows the $40 million acquisition of Coexis made by GBST in December 2008.
Penson is the largest client of Coexis in the United Kingdom market.
"We are confident that the investments made by GBST in the later stages of 2008 will assist us in evolving the processing and settlement requirements for the market moving forward," Penson managing director Craig Mason said.
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Penson will begin its operations in Australia in the second half of 2009.
