Securities Processing Self-Clearing with Service Bureau Outsourcing Self-Clearing with Ops. Outsourcing & Service Bureau Broadridge’s Simplified Securities Processing Model Clearing Fully-Disclosed Clearing Financing Activities and Compliance Technology & Data Center Operational Infrastructure Client Responsibility Client Responsibility Client Responsibility Provided by Broadridge Provided by Broadridge Provided by Broadridge Provided by Penson (Previously provided by Ridge) Target Large Broker-Dealer Firms Large ~ Medium Broker-Dealer Firms Medium ~ Small Broker-Dealer Firms Outsourced to Broadridge (Previously provided by Ridge) Outsourced to Broadridge (Previously provided by Ridge) Third Party Clearing Clients • In our 3-tier processing model Ridge Clearing has effectively been replaced by any third-party clearing firm that uses our platform • Penson as a clearing firm has outsourced the technology and operational infrastructure components to Broadridge • Penson keeps the financing activities and related balance sheet activity • Broadridge (via Ridge ) no longer provides financing activities and this allows Broadridge to reclaim significant capital out of Ridge Exhibit 99.5 |
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