Penson Worldwide Settlements (PWSL) has signed a licensing agreement for MBA Systems' order management application X-Trader.
PWSL says X-Trader will become an integral part of the outsourced services it provides to European brokers.
X-Trader will enable users to capture, route and execute orders electronically. The system will also allow PWSL to access a range of execution venues, including major Retail Service Providers (RSPs) and SETS.
Daniel Son, president, PWSL, says: "Our agreement with them (MBA Systems) means that we will be able to offer our customers excellent market connectivity to key RSPs combined with the very best 'best execution' and straight-through processing facilities."