Pershing LLC, a subsidiary of The Bank of New York Company, Inc., has introduced an innovative reporting tool for fee-based brokerage accounts.
The tool is designed to help Pershing's introducing broker-dealer customers comply with NASD requirements and New York Stock Exchange(R) (NYSE(R)) Rule 405A, which call for introducing broker-dealers to determine if their clients are appropriate for fee-based brokerage accounts.
The new reporting tool will enable introducing broker-dealers to monitor the activities of their clients' fee-based brokerage accounts supported in Avail(R), Pershing's fee-based brokerage processing platform.
This tool is accessible through eAnalytics, Pershing's comprehensive reporting and business intelligence tool that enables customers to seamlessly sort through a range of key business data, including trade executions and customer balances, and produce customized reports based upon the unique search criteria entered by investment professionals or management at introducing broker-dealer firms.
Ron Fiske, managing director at Pershing, said, "As the compliance and regulatory environment continues to rapidly evolve, we remain committed to providing our customers with best-of-breed business and practice management solutions that help them comply with new regulations. This new reporting tool will provide our customers with a more efficient way to view and analyze critical business information."