Irish brokerage Goodbody Stockbrokers is outsourcing its clearing and settlement processes to Bank of New York subsidiary Pershing.
Under the contract, Pershing will provide the stockbroker with a fully outsourced clearing and settlement service through a newly-established business unit in Dublin.
Pershing has been working with Goodbody to develop systems designed to meet Irish tax and regulatory reporting requirements. Through its 'Model A' clearing services, Pershing will settle all of the broker's client trades and issue contract notes in the firm's name.
Richard Brueckner, CEO, Pershing, says Goodbody is the first Irish stockbroker to outsource its clearing and settlement processes.
"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," he adds.