Penson GHCO, the Chicago futures commission merchant, is hiring a team of six from MF Global to establish a new 24 hour global execution desk aimed at commodity trading advisors.
The FCM has also struck a deal with Colagrossi Futures, an introducing broker that is a leader in serving CTAs – the US companies that run managed futures accounts. Gerard Colagrossi, the firm’s owner and a 25 year futures market veteran, has agreed to exclusively use Penson as a channel to the market.
“This 24 hour desk is different [from some of those established at other firms],” said John Streich, CEO of Penson GHCO. “It specialises in executing large block orders for CTAs that we will give out to other clearing firms.”
To achieve that, Penson is hiring the team...