Pershing, a subsidiary of The Bank of New York, said it has been chosen by Goodbody Stockbrokers to provide a fully outsourced clearing and settlement service. This service will be provided through a newly established subsidiary in Dublin, Pershing Securities International Limited.
Pershing has worked closely with Goodbody Stockbrokers, the first Irish stockbroker to outsource its clearing and settlement functions, to develop new systems designed specifically to meet Irish tax and regulatory reporting requirements. Pershing, through its ‘Model A’ clearing services, will settle all of Goodbody’s client trades and issue contract notes in the firm’s name, a spokesman for the company said.
Goodbody Stockbrokers is Ireland’s longest established stockbroking firm, founded in 1877 and is a wholly-owned subsidiary of AIB Capital Markets plc, a division of AIB Group plc.
Roy Barrett, managing director, Goodbody Stockbrokers, said, “Goodbody has a diverse institutional and private client base trading on a global basis, and this requires our service partner to be able to operate across all areas of our business. We have been very impressed with Pershing’s diligence in ensuring that their systems are tailored to our exact needs. This outsourcing agreement enables us to further strengthen our focus on building client relationships.”
“We are committed to supporting the financial services outsourcing needs of the Irish market,” said Richard F. Brueckner, chief executive officer, Pershing LLC. “It is particularly significant that a firm the size and caliber of Goodbody has become the first Irish stockbroker to outsource its clearing and settlement. The management team at our Pershing Limited affiliate has worked closely with Goodbody to define its outsourcing requirements, and we are pleased to now have a service that is tailored specifically to the Irish marketplace.”