The Bank of New York announced that its subsidiary, BNY International Financing Corporation, has acquired
G-Trade
Services,
Ltd. and other related wholly-ownedsubsidiaries of the Credit Lyonnais SA Group. Terms were not disclosed.
G-Trade Services, a provider of wholesale execution services including electronic direct access trading in 22 markets and basket trading capabilities in 65 markets worldwide, is the executing and clearing broker for non-U.S. equities executed through the Bloomberg Tradebook system. G-Trade has developed a fully automated platform for the
straight-through-processing
of
orders, beginning with order placement and continuing through execution and clearance and settlement of the trade.
“We are extremely pleased to have G-Trade Services join our team,” said Joseph M. Velli, senior executive vice president and head of The Bank of New York brokerage and clearing services sector. “This acquisition will greatly expand our non-dollar institutional trading capabilities and reaffirms
our commitment through our relationship with Bloomberg Tradebook to provide our clients with the products and services they need to remain competitive in today’s rapidly changing markets.”
“The acquisition of G-Trade represents a significant enhancement to the range
of
international
services
that the Bank offers in the institutional brokerage and clearing services sector,” said Ralph Mastrangelo, executive vice president and deputy head of the brokerage and clearing services sector. “G-Trade Services will be a natural fit for
the Bank’s widely recognized expertise in global securitiesservicing.”
“We are extremely delighted to become a member of The Bank of New York’s team,” added Jonathan Slone, president and chief executive officer of G-Trade Services.
“Together with the Bank and Bloomberg Tradebook, we look forward to being the premier liquidity provider of non-U.S.-dollar equities to the institutional marketplace.”
“Bloomberg L.P. is pleased to extend our relationship with The Bank of New York in the servicing of our clients around the world,” said Kevin Foley, chief executive officer of Bloomberg Tradebook L.L.C. “This is another step forward for Bloomberg Tradebook as our global clients can now execute, clear and settle all of their equity and fixed income trades with a leading financial securities servicing provider in theindustry, The Bank of New York.”