The Bank of New York Launches Enhanced Version of Post-Trade Services System for Foreign Exchange Trades
NEW YORK, February 14, 2007 -- The Bank of New York, a global leader in treasury management services, has launched a new version of iConfirmSM, a web-based system that automates confirmation processing for foreign exchange trades. Using iConfirm, clients can manage a variety of post-trade activities, including confirmation review and affirmation, settlement processing, maintenance of standard settlement instructions, trade query, and reporting.
The Bank of New York’s enhanced iConfirm includes streamlined workflow to process confirmations more efficiently as well as significant improvements to the navigation and design of screens. These changes will greatly improve clients’ ability to process confirmations and track the status of trades, as well as locate and view the comprehensive information embedded in the system.
iConfirm is designed for clients without SWIFT messaging capabilities or for those who do not subscribe to a third-party confirmation matching service. It allows clients to review and confirm trade details on a same-day basis, verifying the accuracy of transaction details and providing any needed settlement instructions. iConfirm also allows clients to manage the instruction of hedge-related trades separately from those trades executed to facilitate securities trade settlement. Maintenance of standard settlement instructions can be performed online, and reporting options include the mark-to-market of outstanding trades on a daily basis for valuation purposes.
Richard Estes, vice president and head of Global Markets e-Commerce at The Bank of New York, said, “This new version of iConfirm is based on collaborative feedback from our clients since the system’s launch last year. Clients using the new version of iConfirm will find that active confirmations are easier to locate, processing is more intuitive, and the overall presentation of information is graphically enhanced. The result is a simpler means of processing confirmations and tracking their status through trade settlement.”
The Bank of New York’s Global Markets Division encompasses the Bank’s foreign exchange, interest-rate and equity risk management businesses, including global trading, currency overlay and sales activities. The Bank is a premier foreign exchange 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: 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, asset management, and private banking. 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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