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Dallas, October 5, 2004 – Penson Worldwide, a leading provider of execution, clearing, custody and settlement services for the global securities markets, today announced the appointments of three new members to its rapidly expanding team. Edward O’Donnell and Robert Morris join Penson’s Dallas clearing team, and Laurie Ciotoli heads up business development for Penson Canada. The appointments are backed by a notably successful phase of Penson’s global development, with a large number of new client wins and a ranking of Penson Financial Services, Inc. ahead of ABN Amro, as the US’s sixth largest clearing firm by number of clients*.

Daniel P. Son, President, Penson Worldwide, Inc. comments: “We are experiencing significant growth, not just in Dallas, but across the board, in London, Montreal and Toronto as more correspondents recognize Penson for its new technology, flexibility and client focus.”

Son continues: “We continue to grow our client base and have various other deals in the wings. This is in addition to USD25 million in new funding from Technology Crossover Ventures, our recent acquisition of Nexa Technologies, Inc. and a number of new signings, including Liquidnet Canada and Orion Securities. With veteran industry specialists like Edward, Robert and Laurie joining our global team, broker/dealers across our key markets will be the beneficiaries.”

Laurie Ciotoli joins Penson Toronto from ADP Dataphile where she successfully managed leading edge projects valued at over CDN 20 million. Her industry experience also includes IDA Investment Dealers Association, IBM/ISM Global Services, CIBC Wood Gundy, Scotia Capital Markets and RBC Dominion Securities, Inc. In her new role, Laurie will be responsible for leading business development in the area of fully disclosed clearing.

Ciotoli comments: “I’m delighted to join Penson at this stage in its development. As the largest independent clearing firm in Canada, Penson uses its flexible approach and client friendly attitude to tackle the big banks - and in many instances, win. I am keen to help further our market share as we consolidate our existing business and grow our pipeline of prospective correspondents.”

In the US, Robert Morris joins Penson Financial Services, Inc. from The Bank of New York, Pershing LLC, where he was Vice President and Relationship Manager. Other previous appointments include Fidelity Investments, Morgan Stanley and Dean Witter Reynolds. With 18 years’ industry experience, Morris’s career successes include doubling the Bank of New York’s annual regional revenue, prior to the Pershing acquisition, to USD10 million.

Edward O’Donnell joins Penson from St. Louis-based correspondent clearing firm, Dain Correspondent Services where he spent seven years as Vice President. Prior to that, he built up almost two decades’ experience working in financial services firms Royal Alliance, Walnut Street Securities and The New England.

Speaking on his appointment to Penson, O’Donnell says: “For several years now the industry has been dominated by the large, bank-owned players. We’re now seeing this focus shift as more companies look for a flexible and technology focused provider with a tailored service to suit the specific needs of each correspondent.”

In Morris’s view, Penson Worldwide is swiftly moving ahead of the pack: “Some people would say that it’s a bit of a fox in the henhouse scenario. Penson is ‘the new kid on the block’, with technology that is decades ahead of the legacy systems entrenched within many of its competitors’ systems.”

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* Ranking according to US publication Investment News, July 04

Press inquiries to:

Julia Gregory-Royle , Cre8 Results Limited
Tel: +44 (0)20 7734 9199

About Penson Worldwide:
Penson Worldwide, Inc. is the holding company for Penson Financial Services, Inc., Penson Worldwide Settlements, Ltd., Penson Financial Services Canada, Inc., and Penson Financial Futures, Inc. The Penson Worldwide group of companies provides execution, clearing, custody, and settlement services in the United States, Canada, the United Kingdom, and Europe for broker/dealers trading in securities and financial futures, including single stock futures, and fixed income products. Penson Financial Services, Inc., headquartered in Dallas, Texas, has served the clearing needs of all types of broker/dealers since 1995.

Penson Financial Services, Inc. is a member of the Chicago Stock Exchange, National Association of Securities Dealers, Inc. and SIPC. Penson Financial Services Canada, Inc. is a participating organization with the Toronto Stock Exchange, the Montreal Exchange, the Canadian Venture Exchange, is regulated by the Investment Dealers Association of Canada, and is a member of the CIPF. Penson Worldwide Settlements, Ltd. is a member of the London Stock Exchange and is regulated by the Financial Services Authority. Penson Financial Futures is a Futures Clearing Merchant member of the National Futures Association.
Penson’s services include:
• Clearing and settlement
• Direct market access execution
• Exchange market hub-hosted connectivity
• Custody
• International trading systems through independent subsidiary Nexa Technologies

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