BNY Clearing Services LLC Selected by ICICI Securities Inc. for Global Correspondent Clearing Services.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 14, 2002 BNY BNY Bank of New York Clearing Services LLC, a subsidiary of The Bank of New York The Bank of New York, abbrieviated to BNY, was a global financial services company that existed until its merger with the Mellon Financial Corporation on July 2, 2007.[1] The bank now continues under the new name of The Bank of New York Mellon Corporation. , announced today that it has been selected by ICICI ICICI Industrial Credit and Investment Corporation of India Securities Inc. to provide fully disclosed correspondent clearing services. ICICI Securities will execute and clear through BNY Clearing's International Services Division (BNYCI), which is based in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . BNYCI executes and clears U.S. securities as well as foreign securities in more than 65 countries. ICICI Securities will utilize BNYCI's exchange memberships and depository and agent bank relationships. ICICI Securities, a U.S. registered broker dealer and a member of the National Association of Securities Dealers National Association of Securities Dealers (NASD) Nonprofit organization formed under the joint sponsorship of the investment bankers' conference and the SEC to comply with the Maloney Act, which provides for the regulation of the OTC market. , is a subsidiary of ICICI Securities and Finance Company Limited (ICICI Securities, India), which is a wholly owned investment banking subsidiary of ICICI Bank Limited, the largest private sector bank in India with assets of US$20 billion. "We are pleased to have been selected to provide correspondent clearing services to ICICI Securities," commented Francis J. La Salla, president of BNY Clearing Services LLC. "Our suite of products, from multi-currency execution services, clearing and custody to ADR ADR - Astra Digital Radio conversion processing, are ideally suited for U.S. broker dealer subsidiaries of non-U.S. firms like ICICI Securities." Kenneth A. Lopian, executive vice president and head of the Asia-Pacific Division at The Bank of New York, said, "BNYCI's appointment as clearing agent for ICICI Securities underscores the commitment of BNY Securities Group to meeting the cross-border servicing needs of our Asian clients. We welcome the opportunity to develop a close relationship with ICICI Securities." ICICI Securities is one of India's largest integrated investment banks and has three main business lines - Corporate Advisory, Fixed Income and Equities. With offices in India and the United States, it provides products and services in corporate finance, investment banking, primary dealership, underwriting, syndication, private equity placement, equity sales, trading and research. Its clients include a wide range of Indian, Asian and U.S. corporations and institutional investors. BNY Clearing Services LLC provides securities clearing, execution, and settlement to broker/dealers, banks and other financial intermediaries throughout the world. It is a member of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and other principal exchanges, the National Association of Securities Dealers, and the Securities Investor Protection Corporation Securities Investor Protection Corporation (SIPC) A nonprofit corporation that insures customers' securities and cash held by member brokerage firms against the failure of those firms. . Additional information is available at www.bnyclearing.com. BNY Securities Group is a global agency brokerage and clearing sector that provides the "Power of Choice" through business models that offer innovative solutions in trade execution, securities clearance, commission management and independent research to institutions, broker-dealers and corporations. BNY Securities Group, conglomerated, is the largest provider of commission management services, has 17 New York Stock Exchange seats, and offers global execution and clearing services in over 65 markets with offices in the U.S., Europe and Asia. BNY Securities Group comprises BNY Brokerage Inc. (including its U.S. Division, BNY Global Transition Management); BNY Clearing Services LLC (including its U.S. Divisions, BNY Global Clearing Services, G-Trade and G-Port) and BNY Direct Execution Inc., a subsidiary of BNY Brokerage Inc., each company a member NYSE/SIPC; B-Trade Services LLC and Westminster Research Associates, Inc., each company a member NASD/SIPC; G-Trade Services Limited, member of the Bermuda Stock Exchange The Bermuda Stock Exchange (BSX), established in 1971, is now the world’s leading fully electronic offshore securities market, with a current market capitalization (excluding mutual funds) in excess of US$300 billion. ; and BNY Jaywalk jay·walk intr.v. jay·walked, jay·walk·ing, jay·walks To cross a street illegally or in a reckless manner. [From jay2, inexperienced person. , Inc. The Bank of New York, founded in 1784 by Alexander Hamilton, is the United States' oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK), a financial holding company. With over $80 billion in total assets as of September 30, 2002, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion