The Bank of New York Ranked Number One in ISF Magazine’s Tri-Party Repo Survey
NEW YORK, June 29, 2007 -- The Bank of New York, a global leader in securities servicing, has been named the best overall tri-party repo provider in International Securities Finance (ISF) magazine’s annual survey. ISF covers the securities financing and repo, prime brokerage and hedge fund industries.
The Bank was rated either first or second in all ten survey categories. It was rated the top performer in reporting, settlement, collateral selection, rehypothecation, breadth of coverage and dividend collection, and scored second in margin monitoring, fails handling, substitution and relationship management.
ISF also cited the Bank’s success in launching new products, such as its focus on whole loans and derivatives margin management, and in improving client access to web-based reporting and existing processes to simplify documentation, legal requirements and rehypothecation.
Art Certosimo, executive vice president and head of broker dealer services at The Bank of New York, said, “We are pleased that market participants view The Bank of New York as the most reliable and innovative tri-party provider in an industry that continues to expand at double digit growth rates. We have a history of using our technology and infrastructure to simplify processes and help our clients manage risk, and this survey highlights our ongoing success in that regard.”
The Bank of New York recently announced that it passed the $1.5 trillion mark in its daily servicing of tri-party balances worldwide, making it the first tri-party collateral management provider to reach that milestone.
In a global collateral management transaction, the tri-party custodian acts as an intermediary between the collateral provider and the secured party to ensure proper collateralization throughout the term of the transaction. As tri-party agent, The Bank of New York maintains cash and securities accounts for both parties, verifies collateral eligibility, marks to market securities pledged as collateral, processes income and provides daily reporting to both parties.
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 wealth management. 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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