The Bank of New York announced today that its clearing subsidiary, BNY Clearing Services LLC, , has been selected to supply fully disclosed correspondent clearing services to Itau Securities Inc. and BBA Icatu Securities Inc.
Both firms will clear through BNY Clearing’s International Services Division based in New York and join a growing roster of BNY Clearing clients who are subsidiaries of Latin American firms or have vested interests in Latin America.
Itau Securities and BBA Icatu Securities, both based in New York City, are U.S. broker-dealer subsidiaries of Brazilian banks. The firms specialize in trading U.S. equities and American depositary receipts (ADR) to institutional customers by leveraging their respective parent’s research and Brazilian market expertise.
“We are pleased that both Itau and BBA Icatu have chosen BNY Clearing for their clearing needs,” commented Francis J. La Salla, president of BNY Clearing Services LLC.
“As a niche market leader, BNY Clearing caters to the investment opportunities of broker dealers with ties to Latin America, which has become one of the fastest growing regions for our suite of products.
These new appointments show that our clients find value not only in our clearance and conversion expertise, but also in the Bank’s market leadership in ADR sponsorship and issuance.”