Fidelity Investments(R) Hires CEO for Canadian Clearing Business

Industry Veteran William Henderson Appointed to Lead Fidelity Clearing Canada; Three New Canadian Broker-Dealers Select Fidelity as Clearing Provider

TORONTO, April 27 /CNW/ - U.S.-based Fidelity Investments(R) today announced that William J. Henderson (Bill) has been hired as Chief Executive Officer(1) of Fidelity Clearing Canada ULC, a part of Fidelity's U.S.-based clearing business, National Financial.

Henderson's affiliation with Fidelity Clearing Canada is effective immediately. He will officially assume his role as Chief Executive Officer once all regulatory prerequisites have been satisfied.

Fidelity Clearing Canada also announced that it has established new correspondent clearing relationships with three Canadian broker-dealers, Independent Trading Group, Global Maxfin Investments Inc. and Octagon Capital Corp. Since being founded only eight months ago, the firm has established a total of five client relationships.

A 38-year veteran of the Canadian broker-dealer industry, Henderson comes to Fidelity Clearing Canada from Market Logics, a strategic planning and consulting firm, where he served as executive vice president and operations specialist.

Henderson is based in Toronto and reports to Sanjiv Mirchandani, president of National Financial.

"Bill is a recognized and well-respected authority within the Canadian financial services market with extensive brokerage and operations experience," said National Financial's Mirchandani. "Bill will lead a talented local management team that has already gotten the business off to a strong start with five clients, including three new firms we are announcing today."

Henderson will succeed Richard (Rick) Ness, who was appointed interim CEO for Fidelity Clearing Canada when the firm was launched in September of last year. Ness will continue to work with Henderson to help Fidelity Clearing Canada grow.

"I am very excited to be joining Fidelity's new Canadian clearing operation," said Henderson. "Having worked at Fidelity in the past, I have first hand knowledge of the tremendous people, technology and service that the company can leverage to provide broker-dealers with the resources they need to enhance operational efficiencies and grow."

As CEO, Henderson will have full P&L responsibility for Fidelity Clearing Canada, as well as oversight of client management, new business development, day-to-day operations, and new product and systems development.

Prior to his tenure with Market Logics, Henderson worked at Fidelity Investments Canada, where he served as senior vice president of operations and client service from 2002 until 2007. From 1993 to 2002, Henderson held positions as vice president, private client group for TD Canada Trust and executive vice president, private investment advice at TD Waterhouse. In 1980, Henderson joined Merrill Lynch and later played a major role in the company's merger with Wood Gundy in 1990.

Fidelity Clearing Canada Selected by Three Additional Broker-Dealers

Canadian-based broker-dealers, Independent Trading Group (ITG), Global Maxfin Investments, Inc. and Octagon Capital Corp., selected Fidelity Clearing Canada to provide back-office support, including trade execution, clearing and custody. In addition, the company will support a comprehensive platform of investment products, including mutual funds and individual securities, as well as sophisticated brokerage technology for the new client firms and their brokers to help conduct and manage their business.

Based in Toronto, Fidelity Clearing Canada provides clearing, custody and back-office support services to Canadian-based brokerage firms and the Canadian brokerage arms of U.S.-based firms. The business is part of Fidelity's U.S.-based clearing organization, National Financial, which services approximately 300 broker-dealers in the U.S. with assets in excess of $571 billion (as of March 31, 2010). For more information about Fidelity Clearing Canada, please visit https://clearingcanada.fidelity.com.

About National Financial

National Financial, a Fidelity Investments company, offers broker-dealer firms access to a comprehensive clearing platform, inclusive of a dedicated service model, a powerful global trading platform, and a source of leading investment solutions, all designed to help them grow confidently. National Financial's comprehensive offering enables it to serve broker-dealers of various types and sizes that can serve your evolving needs. In addition to being a leading clearing provider in the U.S. for nearly 30 years, National Financial leverages the strength and experience of Fidelity Investments, one of the world's largest providers of financial services. For more information about National Financial, please visit www.nationalfinancial.com.

While both part of the Fidelity Investments organization, National Financial is a separate business from Fidelity Investments Canada ULC. In Canada, Fidelity manages over $56 billion in mutual fund and corporate pension plan assets ($CAD, as at March 31, 2010). For more information about Fidelity Investments Canada ULC, please visit www.fidelity.ca.

About Fidelity Investments

Fidelity Investments is one of the world's largest providers of financial services, with assets under administration of more than $3.3 trillion, including managed assets of $1.5 trillion, as of March 31, 2010. Founded in 1946, the firm is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing and many other financial products and services to more than 20 million individuals and institutions, as well as through 5,000 financial intermediary firms. For more information about Fidelity Investments, visit www.fidelity.com.

    
             National Financial Services LLC, Member NYSE, SIPC
                   200 Seaport Boulevard, Boston, MA 02110
    

National Financial is a division of National Financial Services LLC.

Fidelity Clearing Canada ULC ("FCC") is an indirect, wholly-owned subsidiary of FMR LLC ("FMR"). FMR and its subsidiaries collectively, including FCC and three other separate legal entities that are also Canadian securities registrants - Fidelity Investments Canada ULC, Pyramis Canada ULC and Pyramis Global Advisors LLC, conduct business under the "Fidelity Investments" name, which is a trademark of FMR and a registered business name of FCC.

Canadian clearing and custody services provided by Fidelity Clearing Canada ULC. U.S. clearing and custody services provided by National Financial Services LLC, member NYSE, SIPC. Fidelity Clearing Canada ULC and National Financial Services LLC are affiliates.

Independent Trading Group, Global Maxfin Investments Inc. and Octagon Capital Corp. are independent organizations and are not affiliated with Fidelity

(1) Pending regulatory approval

For further information: Chris Pepper, Corporate Affairs - Canada, Office: [phone], Mobile: [phone], Email: [email protected]; US Corporate Communications, [phone]