OMAHA, Neb.--(BUSINESS WIRE)--COR Clearing announced today that it has entered into an agreement with Apex Clearing Corporation to assume the clearing contracts for over one hundred select correspondent broker dealers currently cleared by Apex. The initial transfer of contracts to COR Clearing is expected to occur in the first quarter of 2013.
“We are excited to enter into this transaction and introduce COR Clearing’s robust service offering to our newest correspondents. COR Clearing’s strong management team, capital position and clearing platform will provide each introducing broker dealer with the stability and security they need to grow their businesses,” said Carlos Salas, President of COR Clearing. “The recent launch of our expanded service offering, which includes COR Capital Connect for correspondents seeking to raise capital, will ensure that our newest clients see COR Clearing as a strong strategic partner.”
Since the acquisition of COR Clearing by COR Securities Holdings, Inc. in December 2011, the firm has built the leading independent correspondent clearing platform in the United States. Alton Jones, COR Securities’ Chairman and the former Chairman of Pershing, stated: “We are excited to be in a position to provide our services to the introducing broker dealers we are acquiring from Apex. After spending the year enhancing our management team and platform, we are well positioned to provide the highest level of clearing services to our new correspondents.”
The transaction is subject to regulatory approval and certain other closing conditions.
About COR Clearing LLC
COR Clearing <www.corclearing.com> is a full-service independent securities clearing firm servicing retail and online broker dealers and registered investment advisers throughout the United States. COR Clearing is a registered broker-dealer in all 50 states and is regulated by FINRA, the SEC, and six other Self-Regulatory Organizations (SROs).
Headquartered in Omaha, Nebraska, with eighty employees, COR Clearing is the wholly-owned subsidiary of COR Securities Holdings Inc. COR Clearing was previously part of Mutual of Omaha prior to its sale of its Kirkpatrick Pettis brokerage, asset management and clearing businesses in 2002. The firm’s Board of Directors includes Alton Jones, former Chairman of Pershing LLC; Marshall Geller, former Senior Managing Director of Bear, Stearns & Co.; Ric Duques, former Chairman and CEO of First Data Corporation; Chris Frankel, former President & CEO of Sterne, Agee and Leach Financial Services; Steven Sugarman, Managing Member of COR Capital LLC and CEO of First PacTrust Bancorp (NASDAQ: BANC); Carlos Salas, former Partner of Dolphin Direct Equity Partners; and Hugh Dunkerley, former Manager Capital Markets Federal Deposit Insurance Corporation (FDIC).