Penson appoints IND-X for outsourced clearing

UK-based clearing services firm Penson Financial Services has appointed IND-X Securities to provide fully disclosed (Model B) outsourced clearing services. IND-X, a subsidiary of Japanese research firm Japaninvest, provides a broker-neutral execution hub for buy-side firms. It offers anonymous, independent access to multiple execution venues via a panel of executing brokers and provides a sophisticated commission management system. IND-X currently provides execution services for Japanese sto