BNY Clearing Services (BNYCS), a subsidiary of the Bank of New York, is to provide the Korea Securities Depository with execution, clearing and custody services, as part of an initiative to extend KSD's online e-trading platform to the US and other global markets.
Under the agreement, KSD member firms will be able to receive clearance and settlement services through its Global Home Trading System Project (GHTS), which will link into BNYCS' New York operations.
Frank LaSalla, BNYCS president, says: "We view Korea as an important strategic Asian market. The services that we provide will enhance the systems created by the KSD and help them become a leading model of online trading accessibility in Asia. We have already successfully pioneered this service with many online financial institutions in Europe."