Custody

CREST Settlement Volumes Soar In 2001

CREST announced that it settled 73.4 million transactions in 2001, a rise of 26% on volumes in 2000, Turnover increased by 29% to 63.2 trillion. CREST also settled a record daily volume of over 480,000 transactions during the year. Membership

Clearing Corp. Shareholders Approve Consolidation Plan

The shareholders of Government Securities Clearing Corporation (GSCC), MBS Clearing Corporation (MBSCC) and the Emerging Markets Clearing Corporation (EMCC) have approved a plan for the three organizations to become subsidiaries of The Depository Trust & Clearing Corporation (DTCC). The integration,

State Street Acquires Interest in ByAllAccounts

State Street has acquired a minority interest in ByAllAccounts Inc., an account aggregation service company based in Woburn, Massachusetts. State Street will also begin using ByAllAccounts' WebPortfolio aggregation service, which collects customer data from various financial firms and consolidates the

JP Morgan Boosts Corporate Trust With SST Acquisition

J.P. Morgan Chase & Co. and Systems & Services Technologies, Inc. (SST) announced that the parties have signed a definitive agreement under which JPMorgan will acquire SST, a wholly owned subsidiary of III Associates. A leading third party servicer, SST

David Bilbe Joins BBH

David Bilbe, the SVP who is the public face of institutional custody sales at State Stteet Bank & Trust Company in London, is joining Brown Brothers Harriman as Managing Director of Investor Services. Unlike State Street, BBH is not seeking

New Clearing System In Prospect for Finland

Finnish custodians wrestling with client service complaints have long had to struggle with one of the least developed market infrastructures in Europe. So they are among supporters of the plan by the Helsinki Stock Exchange (HEX) to develop a new

India Moves to T+3 Settlement

Continuing to reform India's securities processing infrastructure, the country's regulator, the Securities and Exchange Board of India (Sebi), has slated April 1 to shorten the settlement cycle from five days to three days. The decision came in a brief statement

Merrill Lynch To Close Denver Meridian Backoffice Operations

Merrill Lynch plans to close its Denver Meridian Complex backofficeoperations by midyear, affecting about 1,200 employees, who will have achance to relocate or get a severance package. The 125 or so employees inthe retirement group will remain in the Denver

GOAL Joins Forces With Wilco

Wilco International, a wholly owned subsidiary of ADP Inc announced an alliance with withholding tax software and services specialist GOAL (Global Operations and Administration Ltd). The alliance will extend the range of Wilco's corporate actions solutions by providing access to

Euro MTS to Choose CCP Provider By Christmas

EuroMTS is close to choosing between London Clearing House (LCH) and Clearnet as its Central Counter Party (CCP) service provider, and a decision is expected by Christmas. The Italian born fixed income trading platform has learnt the lesson of the