Bank of New York has introduced BNY ExecutionPlus, a platform aimed at financial institutions based outside of the US that integrates its custody, execution, clearing and settlement services.
The bank says the BNY ExecutionPlus platform combines its global custody services with the execution capabilities of its Pershing unit and has been designed for use by banks that make trades in the US equity markets but are based outside of North America.
The platform provides seamless trading across the complete lifecycle of a US equity trade, from order capture via virtually any third party order management system, to execution in the market, affirmation/confirmation, foreign exchange, clearing, settlement and reporting.
BNY ExecutionPlus will initially be applied to trades in the US equity markets, but BoNY says it expects to offer similar services in the UK and Euronext markets in the future.
Frank La Salla, managing director at Pershing, says: "BNY ExecutionPlus offers an integrated, streamlined and scaleable solution for global custody clients seeking to improve their margins while managing costs and reducing operational risk."
Tim Keaney, senior EVP and global head of investor services at BoNY, says the platform is an example of the bank's ability "to unify and automate capabilities from across our organisation to better serve financial institutions with specialised needs".