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AAAintheBeltway

Registered: Oct 2001
Posts: 14600

08-13-12 01:33 AM

Anyone have any experience clearing through Apex with a Lightspeed account?

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1245

Registered: May 2012
Posts: 550

08-13-12 01:38 AM

I know people that trade at LightSpeed. I know people that traded for Greenmoor Financial that got taken over by Light Speed, then closed down. What informational are you looking for.

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AAAintheBeltway

Registered: Oct 2001
Posts: 14600

08-13-12 12:42 PM

I just am wondering how reliable and financially solid this clearing firm is. LS clears through several different firms.

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1245

Registered: May 2012
Posts: 550

08-13-12 01:42 PM

Quote from AAAintheBeltway:

I just am wondering how reliable and financially solid this clearing firm is. LS clears through several different firms.

Financially, you only have to be concerned with Apex. That's where your assets and securities will be held. Apex currently is great after the change from Penson. Light Speed you have to be concerned with service and their offering. I can't help with that.

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AAAintheBeltway

Registered: Oct 2001
Posts: 14600

08-13-12 01:47 PM

What does Apex have to do with Penson?

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1245

Registered: May 2012
Posts: 550

08-13-12 01:59 PM

Quote from AAAintheBeltway:

What does Apex have to do with Penson?

Apex is the result of Penson's equity + Peak6 Equity ($40M) + Peak6 Management - Penson debt.

It is no longer part of Penson, but Penson owns 94% and Peak6 runs the new firm. Because the debt was removed, the current business is very solid, has no trading desk and is much better run.

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