Canada's Penson signs up to Ubitrade software

Montreal-based Penson Financial Services, Canada’s third largest clearing firm, has signed up to use Ubitrade Futures and Options, a back-office trading system developed France-based risk management company Ubitrade.

Penson will use the software for straight-through processing of its futures and options contracts.

The Jitney Group, a Montreal-based brokerage house, will be the first of Penson’s clients to use the futures clearing service.

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