Penson Financial Services Ltd (PFSL), the UK based clearing services subsidiary of Penson Worldwide, Inc. (NASDAQ: PNSN), announced its appointment by IND-X Securities Limited to provide fully disclosed (Model B) outsourced clearing services.
IND-X Securities Limited is a subsidiary of Tokyo Stock Exchange listed Japaninvest Group plc, Japan'slargest independent research house. IND-X Securities provide a broker neutral, unconflicted execution hub for buy-side firms. Its core activity is to offer fund managers unconflicted and anonymous access to multiple execution venues via a panel of executing brokers, and provides a sophisticated commission management system: "PORT." IND-X currently provides execution services for Japanese stocks and plans to add Asian equities in the spring 2008 and UK market execution in the first half of 2008.
Commenting on the appointment of Penson, Peter Twist, CEO of IND-X Securities said, "IND-X is looking to broaden its offering to clients by adding new markets. As part of our search for a clearing partner, we were looking for an independent firm with proven expertise in supporting the requirements of growing execution firms. We believe that Penson's infrastructure is well positioned to support our growth strategy for 2008 and beyond."
Sharron Davey , Director of Client Services, Sales and Marketing at PFSL added, "We are delighted to be working with IND-X Securities. At Penson, we work with many fast growing execution firms and believe we are well-positioned to anticipate their requirements. At the heart of our offering sits underlying technology designed to ensure that processing and reporting requirements are managed as efficiently as possible. Technology, however, is just one piece of the client delivery equation. We pride ourselves on our service infrastructure which supports the implementation of our technology and focuses on the overall service delivery to clients."
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