âThis non-exclusive agreement is Pensonâs first with an Indian stock brokerage,â said Daniel P. Son, president of Penson Worldwide, Inc., âand follows regulatory changes in India that allow investors more access to offshore markets.â Recently the Reserve Bank of India increased the annual individual ceiling for citizens of India to remit money overseas from $100,000 to $200,000, offering opportunities to invest in stocks and other financial products.
ICICIDirect is one of Indiaâs largest brokerage firms with approximately 1.3 million customers. Through the agreement with Penson, ICICIDirectâs customers now have access to trading stocks listed on the NYSE, Nasdaq and American Stock Exchange markets, as well as stock options and index options listed on US equity options exchanges.
âWe are pleased to see ICICIDirect become the first online firm to offer citizens of India greater access to the US markets,â said Mark Munoz, President of Penson Asia Limited, a Penson Worldwide subsidiary based in Hong Kong. âOur unique technology coupled with our US execution and clearing services allows Indiaâs brokerage firms more flexibility and options for their customers.â
âAs one of the leading clearing providers in the United States, Penson Financial Services is delighted to enter into this agreement with ICICIDirect, and we look forward to serving their customers,â said Mr. Son.