BNY Securities Group Upgrades InterComm Technology Enhancing Full Commission Disclosure.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- BNY BNY Bank of New York Securities Group, The Bank of New York's institutional agency brokerage, clearing and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. sector, has enhanced its commission management portal to improve commission reporting transparency and assist clients in managing their increasing regulatory obligations. Through InterComm(SM), its INTERactive COMMission management portal, BNY Securities Group now offers a daily account snapshot that provides a day-to-day, year-to-date breakdown of trading commissions generated for the purchase of independent research. It has also further automated a wide range of tasks revolving around the invoice processing, payment, and vendor management functions. The enhanced InterComm portal also allows clients to access their current monthly commission statements as well as an archive of previous statements and client reports. InterComm clients can access invoices over the Internet, simplify invoice tracking and automate the workflow process. The InterComm portal provides easy access to current regulatory releases, "best practice guides" and other information. An online contracts module, designed to help clients simplify the filing, tracking, and reporting tasks necessary to support increasing disclosure and audit requirements, is expected to become available by year-end. Joseph M. Velli, senior executive vice president 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. and Head of BNY Securities Group, said, "The Bank has taken a leadership position in support of the use of commissions for independent research or 'third-party soft dollars' as they are commonly referred to. We believe that the use of commissions to purchase research offers substantial benefits to investors and is an integral part of the investment process, and that more complete disclosure of how commissions are utilized should be provided to fund managers and investors. We expect that regulators, as evidenced by the recently enacted Global Research Analyst Settlement, will continue to encourage the use of independent research." Mr. Velli added, "Our enhanced InterComm portal sets the standard for the kind of commission cost breakdown that will help asset managers deal with this anticipated disclosure." Velli noted that BNY Securities Group has observed that clients continue to embrace independent research and to use commissions to pay for it. In fact, Velli anticipates that additional disclosure of all commissions, not just third-party commissions, will lead to a greater use and allocation of commissions to obtain independent research. "Utilizing commissions to obtain third-party independent research has always been a transparent process, but now our portal raises the bar in terms of timeliness and precision," stated Velli. InterComm is offered through BNY Securities Group member companies BNY Brokerage Inc., B-Trade Services LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , Westminster Research Associates, Inc., and BNY Commission Management Solutions LLC and has been customized and designed to the specifications of each of these units to support their business models. BNY Securities Group is the global agency brokerage, clearing and financial services outsourcing sector of The Bank of New York Company, Inc. It provides institutions, broker-dealers and corporations with a broadly diversified suite of services and "The Power of Choice" through multiple business models. Through its broad range of businesses, BNY Securities Group offers creative solutions in trade execution, commission management, independent research, securities clearing and financial services outsourcing. BNY Securities Group is the largest provider of commission management services, has 21 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. seats, and offers global execution and clearing services in over 80 markets with offices in the U.S., Europe, Asia, and Australia. BNY Securities Group is an organization consisting of several broker-dealers and other companies. BNY Brokerage Inc., member NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). , NYSE NYSE See: New York Stock Exchange , and SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. . B-Trade Services LLC and Westminster Research Associates, Inc., members NASD and SIPC. B-Trade Services LLC is a single purpose business serving Bloomberg TRADEBOOK LLC, member NASD and SIPC, and its affiliates. The Bank of New York Company, Inc. (NYSE:BK) is a global leader in securities servicing for issuers, investors and financial intermediaries Financial intermediaries institution that provide the market function of matching borrowers and lenders or traders. . The Company plays an integral role in the infrastructure of the capital markets, servicing securities in more than 100 markets worldwide. The Company provides quality solutions through leading technology for global financial institutions, asset managers, governments, non-profit organizations A non-profit organization (abbreviated "NPO", also "non-profit" or "not-for-profit") is a legally constituted organization whose primary objective is to support or to actively engage in activities of public or private interest without any commercial or monetary profit purposes. , corporations, and individuals. Its principal subsidiary, The Bank of New York, founded in 1784, is the oldest bank in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and has a distinguished history of serving clients around the world through its five primary businesses: Securities Servicing and Global Payment Services, Private Client Services and Asset Management, Corporate Banking, Global Market Services, and Retail Banking. Additional information on the Company is available at www.bankofny.com. InterComm is a service mark of The Bank of New York. |
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