The Bank of New York Company Inc.'s Pershing Unit to Become Market Maker on NYSE Bonds(sm) Platform
JERSEY CITY, N.J., April 24, 2007 -- Pershing LLC, a subsidiary of The Bank of New York Company, Inc., has enhanced its fixed income market-making capabilities by becoming a new market maker on NYSE BondsSM, the New York Stock Exchange's (NYSE) innovative electronic corporate bond trading platform.
As an NYSE Member and market maker on the NYSE Bonds platform, Pershing's fixed income trading desk will be a liquidity provider and have the ability to electronically enter orders to buy or sell bonds listed on the platform. This new pool of liquidity will enhance Pershing's fixed income offering for its introducing broker-dealer customers and the clients they serve, and to independent registered investment advisors and their clients through Pershing's affiliate, Pershing Advisor Solutions LLC.
Pershing makes a market in eight fixed income asset classes, including investment-grade and high-yield corporate bonds, municipal securities, agencies, mortgage-backed securities, U.S. Treasuries, preferred stock, money market instruments and emerging market debt.
John Holman, vice president of fixed income at NYSE Group, Inc., said, "NYSE Bonds is designed to be the industry's most transparent, fair and efficient bond trading platform. The addition of Pershing as an NYSE Bonds market maker reinforces that mission and demonstrates our commitment to creating the most liquid system supported by the fixed income market's most prominent participants."
Ted Bragg, managing director of fixed income trading in the trading services group at Pershing, said, "As a leading provider of trading services solutions for the debt capital markets, we embrace new execution venues like NYSE Bonds that serve our customers' needs. We look forward to accessing the new platform to provide our customers with high-quality execution and access to new sources of liquidity."
Pershing LLC is a leading global provider of clearing and financial services outsourcing solutions to more than 1,100 institutional and retail financial organizations and independent investment advisors who collectively represent more than five million active investors. Located in 19 offices worldwide, Pershing provides customers with innovative technology solutions and a wide range of value-added products and services, including asset-gathering products and managed account services, extensive trading and financing capabilities, and web site development. Pershing LLC (member NYSE/NASD/SIPC) is a member of every major U.S. securities exchange and its international affiliates are members of the Deutsche Borse, the Irish Stock Exchange and the London Stock Exchange. Pershing LLC is a subsidiary of The Bank of New York Company, Inc. Additional information is available at www.pershing.com.
Pershing Advisor Solutions LLC is an affiliate of Pershing LLC and a leading provider of financial services outsourcing solutions to independent, fee-based registered investment advisors and dually-registered advisors working in conjunction with many of Pershing LLC's introducing broker-dealer customers. Pershing LLC, a subsidiary of The Bank of New York Company, Inc., has a 67-year heritage of providing custodial services and outsourcing solutions to many of the world's leading financial services organizations. Through an innovative custody platform, Pershing Advisor Solutions delivers superior expertise and scalable and customizable solutions to help manage and grow fee-based businesses. Additional information is available at www.pershingadvisorsolutions.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.
NYSE Group, Inc. (NYSE:NYX) operates two securities exchanges: the New York Stock Exchange LLC (the “NYSE”) and NYSE Arca, Inc. (formerly known as the Pacific Exchange). NYSE Group is a leading provider of securities listing, trading and market data products and services. In 2006, on an average trading day, 2.3 billion shares, valued at $86.8 billion, were traded on the exchanges of the NYSE Group. The NYSE is the world's largest and most liquid cash equities exchange. The NYSE provides a reliable, orderly, liquid and efficient marketplace where investors buy and sell listed companies' common stock and other securities. On December 31, 2006, the operating companies listed on the NYSE represented a total global market capitalization of $25.0 trillion. Additional information on NYSE Group is available at www.nyse.com.
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