Penson Financial Services Australia, the Australian clearing arm of Penson Worldwide, has signed a three-year deal to provide equities clearing services for Euroz Securities.

Trades have already begun, the company said in a statement. Euroz is a full-service brokerage firm that focuses on institutional, corporate and high net worth individuals in predominantly Western Australian based industrial and resource firms.

"We are being recognised as a viable alternative in Australia, particularly among mid-tier firms, whose only previous alternative had been larger brokerage firms with whom they compete," said Craig Mason, the managing director and chief executive officer of PFSA.

The Penson Worldwide group of companies provides execution, clearing, custody, settlement and technology infrastructure products and services to financial services firms and others servicing the global financial services industry.