The Bank of New York Launches Web-based Compliance Solution for Equity Awards
NEW YORK, September 28, 2005 - The Bank of New York, a global leader in securities servicing, will offer a powerful new tool to its employee stock plan services clients. Clients will now have access to Option NavigatorTM, a web-based service developed by Equity MethodsTM that determines the fair value of equity instruments issued to employees and helps achieve FAS 123R compliance.
Option Navigator allows clients to generate option valuations that are FASB compliant, as well as auditor reports that detail valuation assumptions and expense calculations. Clients can compare option values and related expenses using a variety of FASB and IASB compliant techniques, including lattice methods and the Black-Scholes Merton formula. In addition, Option Navigator will integrate with the Bank’s equity administration system to upload grant, exercise and cancellation data.
David Roberts, president and chief executive officer of Arizona-based Equity Methods, said, "Together with The Bank of New York, we will facilitate clients’ ability to comply with the subtle challenges of FAS 123R."
Gary Nazare, managing director and Head of stock transfer and employee stock plan services at The Bank of New York, said, "The Bank of New York understands the impact that FAS123R will have on both private and public companies and is committed to helping clients implement option valuation techniques. Option Navigator offers our clients an integrated option administration and valuation solution."
The Bank of New York is among the world’s leading transfer agents, providing shareholder services to more than 1,900 U.S. and non-U.S. corporations worldwide. The Bank provides recordkeeping, dividend paying and reinvestment, proxy tabulation, employee investment plan, and corporate reorganization services for corporate issuers of equity securities.
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, investment management, and individual & regional banking services. 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.
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