On behalf of a friend, I'm soliciting ideas on equities clearing firms that are NOT Penson. It's a smallish hedge fund. Thanks in advance.
I think also Fidelity, Schwab, and TradeStation are basically all self-clearing. Hedge funds have additional options for clearing as well: http://www.investmentseek.com/Brokerage/ccf.htm [list is slightly outdated but helpful]