Is Lightspeed Trading a self clearing Broker Dealer?
No, Lightspeed is an introducing broker dealer and clears its trades through Penson Financial Services Inc, a publicly traded company. Penson handles the back-office detail and processing for Lightspeed. They process and settle trades and are responsible for holding customer shares and other assets. Penson is one of the industry’s leading firms with a strong track record in expertly handling the needs of online brokerages. Learn more about Penson here.
Related Questions
- My firm acts as an introducing broker/dealer on a fully disclosed basis with multiple clearing firms. Can I qualify for the exclusion to OATS reporting under Rule 7410(n)?
- Does a high level of trading in the account create a cause of action against the broker and the brokerage house?
- How to find the best online stock trading broker with all the best features ?
