BNY Securities launches commission management portal

BNY Securities launches commission management portal

BNY Securities Group, the Bank of New York's institutional agency brokerage and correspondent clearing business, has launched an Internet portal for its commission management services.

The service is offered through BNY Securities' brokerage affiliates B-Trade Services, Westminster Research Associates and BNY Brokerage, and has been customised and designed to the specifications of each brokerage unit to support their business models.

BNY Securities says the portal will allow money managers and plan sponsors to manage commission spending practices more efficiently. The service will provide clients with Web access to monthly commission statements and soft-dollar vendor invoices.

The portal also maintains an archive of previous statements and reports and users can view, print or download copies of current regulatory releases and best practice guides. An online catalogue of investment research products and services is expected to be added to the portal later this year.

Ralph Mastrangelo, executive vice president, Bank of New York and deputy head of BNY Securities Group, says: "We are continuing to invest in the infrastructure and capabilities required to be the industry's platform of choice for managing commissions."

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