Penson Worldwide, a Dallas-based settlement bank, is to use STN Settlements, a system developed by SunGard, the US-based software firm, for its London-based affiliate, Penson Worldwide Settlements.

STN Settlements is an automated clearance and settlement service that connects custodians, broker-dealers, banks and futures commission merchants to custodians, depositories and clearing institutions for trade comparison, reconciliation, clearance and settlement.