Royal Bank of Canada (Suisse) Selects The Bank of New York for U.S. Equity Trading Services
LONDON, April 25, 2007 -- The Bank of New York, a global leader in securities servicing, has been selected by Royal Bank of Canada (Suisse) -- a member of Royal Bank of Canada's Global Private Banking network -- to provide U.S. equity trading services.
The Bank of New York will provide Royal Bank of Canada (Suisse) with seamless trading across the complete lifecycle of a U.S equity trade, from order capture, to execution in the market, affirmation/confirmation, foreign exchange, clearing, settlement, and reporting. The Bank's BNY ExecutionPlus platform allows clients to follow trade orders from any time zone and promptly resolve any queries or issues that might arise. BNY ExecutionPlus has a powerful and sophisticated rules engine that is customized to meet the specific requirements of clients, such as trading under a particular percent of average daily volume in stock.
BNY ExecutionPlus also provides institutions with the ability to utilize Pershing LLC's online account management platform, NetExchange Pro®. Through NetExchange Pro, customers can gain access to account information, quotes, investment research, news and other third-party content. Pershing is a subsidiary of The Bank of New York Company, Inc.
Andrew Bell, executive vice president and head of Europe Global Investor Services at The Bank of New York, said, "This product combines the power of Pershing's execution and clearing capabilities with the world class custody capabilities of The Bank of New York. The appointment is testament to our scale and expertise in being able to provide a solution to our clients via a cost effective trading and settlement service. This not only maximizes a customer's productivity and profitability, but also reduces their operational risk."
Francisco Lucar, senior manager, operations at Royal Bank of Canada (Suisse), said, " Not only does BNY ExecutionPlus help address some of the operational risk associated with trading in the US markets, but the economic advantages are also clear. Paying a single, bundled commission covering all costs of processing the transaction will help us to maintain strong profitability as cross-border equity trading volumes continue to rise. We look forward to streamlining our trading process so in turn we can provide our clients with the best possible services."
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 wealth management. 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.
Pershing LLC is a leading global provider of financial business solutions to more than 1,100 institutional and retail financial organizations and independent registered investment advisors who collectively represent over five million active investors. Financial organizations, investment professionals and independent registered investment advisors depend on Pershing's depth of experience and consultative approach to provide them with forward-thinking solutions that help them to grow their businesses. Located in 19 offices worldwide, Pershing is committed to service excellence and to providing dependable operational support, robust trading services, flexible technology, an expansive array of investment solutions and practice management support. Pershing (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.
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