Received this, via email, from Penson:
Subject: Statement Correction from Penson Financial Services, Inc.
We are forwarding this clarification statement on
behalf of Penson Financial Services. We regret any
concern or confusion the original insert may have
caused you.
Dear Valued Client,
As an insert to your December 2000 monthly statement,
Penson Financial Services, Inc.("Penson") included a
one page document regarding Penson’s and its
correspondents’ receipt of payment for the direction
of orders to particular market makers for execution.
Penson is required by SEC rules to annually inform you
of Penson’s payment for order flow practices. This
document was included in your statement without prior
notice to CyBerCorp, Inc.("CyBerCorp") or prior review
by CyBerCorp. The document could be read that CyBerCorp,
as a correspondent firm clearing through Penson, also
receives payment for the direction of orders to a
particular market maker or market center for execution.
However, according to our understanding of CyBerCorp’s
business, CyBerCorp, in fact, does not receive any
payment for the direction of orders to a particular
market maker or market center. We apologize for any
confusion this may have caused.
Sincerely yours,
Jill Zacha
General Counsel
Penson Financial Services, Inc. |
