The Bank of New York Takes Top Foreign Exchange Awards.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 -- 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. , a global leader in securities servicing, has been named "Best Foreign Exchange Research" provider worldwide for the second consecutive year by Global Finance in the magazine's annual ranking of the world's best foreign exchange banks. The Bank of New York also received an Honorable Mention award for "Best Foreign Exchange Bank in the U.S." The publication selected the best currency trading providers and online foreign exchange systems with input from industry analysts, corporate executives and technology experts. Criteria for choosing winners included transaction volume, market share, scope of global coverage, customer service, competitive pricing and innovative technologies. Jorge Rodriguez, managing director and global head of FX sales at The Bank of New York, said, "We are pleased to have been recognized for the quality of our FX product offering. We have invested heavily in FX research over the past several years and are eager to share the results of this investment with our clients in 2006. In addition to a new, state-of-the-art research website with daily podcast updates, our upcoming enhanced interactive Portfolio Flow Monitor (iPFM) will make it easier for our clients to understand the impact of cross-border capital flows in foreign exchange markets." The Bank of New York's Global Markets Division encompasses the Bank's currency overlay Currency Overlay The outsourcing of currency risk management to a specialist firm, known as the overlay manager. This is used in international investment portfolios to separate the management of currency risk from the asset allocation and security selection decisions of the , sales and trading activities across seven trading centers. The Bank's sales and trading services include foreign exchange (FX), currency, interest rate, and equity derivatives In finance, an equity derivative is a class of financial instruments whose value is at least partly derived from one or more underlying equity securities. Market participants trade equity derivatives in order to transfer or transform certain risks associated with the offerings. The Bank is a premier FX provider, trading in over 100 currency markets around the world. Additional information is available at http://gm.bankofny.com. The Bank of New York Company, Inc. (NYSE NYSE See: New York Stock Exchange : BK) is a global leader in providing a comprehensive array of services that enable institutions and individuals to move and manage their financial assets Financial assets Claims on real 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 A core competency is something that a firm can do well and that meets the following three conditions specified by Hamel and Prahalad (1990):
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