BNY ESI, an electronic trading subsidiary of the Bank of New York, has developed an interface for processing trade orders and executions directly from the Metavante trust accounting system.
Currently in beta testing at several institutions, the solution will enable trust departments, which are Metavante clients, to use BNY ESI technology for launching US equity trades directly from the Metavante trust accounting system.
The interface enables users to initiate orders in the Metavante system and then routes the transaction to BNY ESI for execution based on user-defined criteria. Execution information from BNY ESI is then automatically transmitted to Metavante, facilitating trade clearance, settlement and client accounting.
"Combining BNY ESI trading with Metavante is an optimal solution for our clients to manage their customers' order flow," says Owen Sullivan, president, financial services group, Metavante.
Stephen Shloss, president and CEO of BNY ESI, comments: "With industry initiatives such as decimalisation, T+1 and extended trading hours quickly becoming realities, financial services providers are seeking ways to close the gap between trade processing and customer accounting."