Bank of New York subsidiary Pershing says it has been appointed by Bloxham Stockbrokers to provide a fully outsourced trading, clearing and settlement service.
With this agreement, Bloxham, Ireland’s largest independent stockbroker, will become the first Irish firm to adopt the “Model B” outsourcing structure, providing the firm with significant cost savings and enhanced risk management. Pershing Securities International Limited in Dublin will provide a full range of clearing and settlement for all securities transactions on behalf of Bloxham.
“There is a significant advantage for outsourcing non-core services to a world-class clearing firm, and Pershing has demonstrated a real commitment to becoming the leading service provider in the Irish market,” says Angus McDonnell, managing partner, Bloxham Stockbrokers. “By appointing Pershing, we are able to focus our entire attention on delivering a first class stockbroking service to our clients.”
“Our agreement with Bloxham Stockbrokers further demonstrates that there is a real need among leading Irish stockbroking firms for financial services outsourcing solutions,” adds Richard F. Brueckner, Pershing’s Chief Executive Officer. “Our management team in Europe, led by Charles van der Merwe and John Graham, has worked diligently to deliver proven systems and capabilities that meet the needs of leading financial services organisations, like Bloxham, and their clients.”