Gerald L. Hassell, president of The Bank of New York (BNY), and Joseph M. Velli, senior executive vice president of the Bank and chief executive officer of BNY Securities Group, today unveiled the plans the bank has for its newly formed BNY Securities Group. Established on October 1, 2002, BNY Securities Group comprises the Bank’s existing institutional agency brokerage and correspondent clearing businesses.
“BNY Securities Group represents a new breed of agency brokerage, providing the Bank’s clients with `The Power of Choice’ through a broadly
diversified suite of businesses in areas such as trade execution, securities clearing, commission management and independent research services,” explains BNY. “This business suite allows clients to select the models or solutions that best fit their specific needs in the investment lifecycle.”
“In this era of consolidation, globalization and technology-driven change, The Bank of New York provides solutions for all its clients’ needs,” adds Hassell. “Our commitment to our clients and the pivotal role of our investment in technology has led the Bank to become an industry leader in securities servicing, enabling BNY Securities Group to offer its clients some of the industry’s most innovative services and products.”
Joseph M. Velli adds: “With BNY Securities Group, we have created a unified organization that brings the Bank’s agency brokerage and correspondent clearing businesses together and allows us to clearly define how each business is positioned to serve our clients best. This new entity recognizes the role, focus and brand of each individual business, and we believe that ‘The Power of Choice’ accurately conveys this vision and approach. BNY Securities Group provides conflict-free and cost-effective solutions to our clients through the use of proprietary and
best-of-breed
technology,
connectivity
and straight-through processing capabilities. The combination of state-of-the-art technology and a highly skilled staff of professionals allows us to enhance our customers’ investment performance through best execution and lower transaction costs.”
Following the presentations, Velli introduced the heads of BNY Securities Group’s business units, who conducted a tour of the group’s technology.
Demonstrations were given for the G-Pro system, a global trading basket system integrating pre- and post-trade data analysis from multiple locations; BNY Clearing’s COMPASS, a browser-based portal for our integrated correspondent clearing service offerings; BNY Jaywalk, a quality on-line independent investment consultancy; B-Trade’s DASHER, which supports domestic trading activity on the Bloomberg Tradebook system and allows B-Trade to share information, track client activity and monitor trends; and Commission Optimizer, a brokerage allocation and budgeting system, which provides investment managers with comprehensive planning, tracking and reporting tolls for commission expenditures.