The Bank of New York Appointed Service Provider for FITRS Family of Fixed Income Exchange-Traded Funds Launched by ETF Advisors, LP.Business Editors NEW YORK--(BUSINESS WIRE)--Nov. 1, 2002 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 named as service provider for the ETF ETF See Exchange Traded Fund. ETF See exchange-traded fund (ETF). Advisors family of fixed income exchange-traded funds whose Fixed Income Trust Receipts (FITRS) trade on the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . The Bank of New York is a leading provider of custody, accounting, administration, transfer agency and securities lending Securities Lending When a brokerage lends securities owned by its clients to short sellers. Notes: This allows brokers to create additional revenue (commissions) on the short sale transaction. services in the United States and Europe. With the addition of this new business, the Bank will support more than 40 separate exchange-traded funds with total assets of approximately $30 billion. "We are delighted to have been selected as ETF services provider for these innovative new fixed-income ETFs, and we are proud to be associated with this leading-edge development in the industry," remarked Joe Keenan, vice president and global product manager for exchange-traded products at The Bank of New York. "The Bank is highly focused on providing a wide range of quality services to the mutual fund industry, and our partnership with ETF Advisors is further evidence of our commitment to the ETF marketplace." Gary Gastineau, managing director of ETF Advisors, said, "The Bank of New York was a natural choice as the services provider for the Treasury FITRS, based both upon the Bank's reputation for supporting the industry's most successful ETFs, and its recognized expertise in the clearance, settlement, and lending of U.S. Treasury securities U.S. Treasury securities Interest-bearing obligations if the U.S. government issued by the U.S. Department of the Treasury as a means of borrowing money to meet government expenditures not covered by tax revenues. ." 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. 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 BNY Bank of New York Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com. |
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