Bank of New York Tops $1 Trillion In US Tri-Party Balances Servicing

The Bank of New York passed the $1 trillion mark in its daily servicing of tri party balances in the US, making it the first tri party collateral management provider to reach that milestone. The bank has experienced an approximately

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The Bank of New York passed the $1 trillion mark in its daily servicing of tri-party balances in the US, making it the first tri-party collateral management provider to reach that milestone.

The bank has experienced an approximately 55% increase in tri-party balances over the past in the US, driven by demand for collateral management services from broker dealers, banks and institutional investors.

The bank surpassed $1 trillion in servicing tri-party balances worldwide in April. Since then, tri-party balances worldwide have continued to grow and recently reached $1.2 trillion, representing a 31% increase for all of 2005.

“Our success in the collateral management business demonstrates the Bank’s ability to create its own growth through new, innovative products that add efficiency and reduce costs for clients,” said Art Certosimo, executive vice president and head of broker dealer services at The Bank of New York. “As this market continues to grow in the United States, Europe and Asia, we expect to expand our industry leading market share through our proven, client-focused service platform.”

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