The Bank of New York Creates Global Registrar and Custody Service for Voluntary Carbon Units
NEW YORK, June 19, 2006 -- The Bank of New York, a global leader in securities servicing, has created a global registrar and custody service to facilitate trading of voluntary carbon units (VCUs), an outgrowth of the Kyoto Protocol calling for the reduction of greenhouse gas emissions.
The new registrar and custody service is a critical component in the development of global standards and processes for the voluntary carbon offset market, allowing participants who wish to actively transfer VCUs to do so via a centralized team within the Bank's corporate trust services division. The register will provide a centralized, secure and paperless environment to support a wide spectrum of participants in the voluntary emissions reduction market.
Companies can purchase carbon emissions credits either to offset their own carbon emissions or to provide offset products and services to consumers.
Karen Peetz, senior executive vice president and head of The Bank of New York's Corporate Trust Division, said, "The collaborative effort between our global structured finance team and various market participants has led to an innovative and tailored service that shows our commitment to creating solutions that meet our clients emerging needs. We expect our collective efforts will greatly assist in the development and growth of this important market in voluntary carbon units."
The Bank of New York is a leading provider of corporate trust and agency services. The Bank and its subsidiaries and affiliates administer a portfolio of more than 90,000 trustee and agency appointments, representing $3 trillion in outstanding securities for more than 30,000 clients around the world. The Bank is a recognized leader for trust services in several debt products, including corporate and municipal debt, mortgage-backed and asset-backed securities, derivative securities services and international debt offerings.
The Bank of New York Company, Inc. (NYSE: BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets in more than 100 markets worldwide. The Company has a long tradition of collaborating with clients to deliver innovative solutions through its core competencies: securities servicing, treasury management, asset management, and private banking. The Company's extensive global client base includes a broad range of leading financial institutions, corporations, government entities, endowments and foundations. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States and has consistently played a prominent role in the evolution of financial markets worldwide. Additional information is available at http://www.bankofny.com/.
This announcement is not an offer to sell or a solicitation of an offer to buy any securities. The offering is made only by means of the prospectus.
