OREANDA-NEWS. MGEX, a Designated Contract Market (DCM) and Derivatives Clearing Organization (DCO), and Wells Fargo & Company are pleased to announce that Wells Fargo Securities, LLC has joined as MGEX’s newest clearing member.

Wells Fargo Securities, LLC delivers high-quality execution and clearing of futures and options, as well as clearing of over-the-counter derivatives, to institutional customers.

“We are excited to welcome Wells Fargo Securities as a new clearing member,” said Mark G. Bagan, president and CEO of MGEX. “Wells Fargo’s long-standing history and respected reputation fits well with MGEX’s goal of pursuing continued growth within the derivatives industry.”

“Wells Fargo Securities joined MGEX to continue expanding our direct clearing capabilities across exchanges that are important to Wells Fargo’s corporate and commercial clients,” states Jeff G. Gore, managing director and head of Derivatives Clearing Sales at Wells Fargo Securities, LLC. “Our clients are attracted to our strong capital base, brand reputation, and client-centric service model. As one of the nation’s largest lenders to the food and agribusiness sector, it was a logical next step in Wells Fargo Securities’ growth strategy to further develop our Futures Commission Merchant to support our clients and their risk management needs.”