BNY Clearing Services announced today that it has been selected by ICICI Securities Inc. to provide fully disclosed correspondent clearing services.
ICICI Securities will execute and clear through BNY Clearing’s International Services Division (BNYCI), which is based in New York City. BNYCI executes and clears U.S. securities as well as foreign securities in more than 65 countries. ICICI Securities will utilize BNYCI’s
exchange memberships and depository and agent bank relationships.
ICICI Securities, a U.S. registered broker dealer and a member of the National Association of Securities Dealers, is a subsidiary of ICICI Securities and Finance Company Limited (ICICI Securities, India), which is a wholly owned investment banking subsidiary of ICICI Bank Limited, the largest private sector bank in India with assets of US$20 billion.
“We are pleased to have been selected to provide correspondent clearing services to ICICI Securities,” says Frank La Salla, president of BNY
Clearing Services. “Our suite of products, from multi-currency
execution services, clearing and custody to ADR conversion processing, are ideally suited for U.S. broker dealer subsidiaries of non-U.S. firms like ICICI Securities.”
Kenneth A. Lopian, executive vice president and head of the Asia-Pacific Division at The Bank of New York, added: “BNYCI’s appointment as clearing agent for ICICI Securities underscores the
commitment of BNY Securities Group to meeting the cross-border servicing needs of our Asian clients. We welcome the opportunity to develop a close relationship with ICICI Securities.”