The Bank of New York Company, Inc.’s Pershing Unit Introduces Innovative Reporting Tool for Fee-Based Brokerage Accounts
JERSEY CITY, N.J., October 3, 2006 -- Pershing LLC, a subsidiary of The Bank of New York Company, Inc., has introduced an innovative reporting tool for fee-based brokerage accounts. The tool is designed to help Pershing's introducing broker-dealer customers comply with NASD requirements and New York Stock Exchange® (NYSE®) Rule 405A, which call for introducing broker-dealers to determine if their clients are appropriate for fee-based brokerage accounts.
The new reporting tool will enable introducing broker-dealers to monitor the activities of their clients' fee-based brokerage accounts supported in Avail®, Pershing's fee-based brokerage processing platform.
This tool is accessible through eAnalytics, Pershing's comprehensive reporting and business intelligence tool that enables customers to seamlessly sort through a range of key business data, including trade executions and customer balances, and produce customized reports based upon the unique search criteria entered by investment professionals or management at introducing broker-dealer firms.
Ron Fiske, managing director at Pershing, said, "As the compliance and regulatory environment continues to rapidly evolve, we remain committed to providing our customers with best-of-breed business and practice management solutions that help them comply with new regulations. This new reporting tool will provide our customers with a more efficient way to view and analyze critical business information."
Pershing LLC is a leading global provider of clearing and financial services outsourcing solutions to more than 1,100 institutional and retail financial organizations and independent investment advisors who collectively represent nearly six million individual investors. Located in 18 offices worldwide, Pershing provides customers with innovative technology solutions and a wide range of value-added products and services, including asset-gathering products and managed account services, extensive trading and financing capabilities, and web site development. Pershing LLC (member NYSE/NASD/SIPC) is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a subsidiary of The Bank of New York Company, Inc. Additional information is available at www.pershing.com.
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 www.bankofny.com.
| « Back to Press Releases | « Previous Next » |
