Source: Bank of New York
The Bank of New York, a global leader in securities servicing, has been selected by Royal Bank of Canada (Suisse) - a member of Royal Bank of Canada's Global Private Banking network - to provide U.S. equity trading services.
The Bank of New York will provide Royal Bank of Canada (Suisse) with seamless trading across the complete lifecycle of a U.S. equity trade, from order capture, to execution in the market, affirmation/confirmation, foreign exchange, clearing, settlement, and reporting. The Bank's BNY ExecutionPlus platform allows clients to follow trade orders from any time zone and promptly resolve any queries or issues that might arise. BNY ExecutionPlus has a powerful and sophisticated rules engine that is customized to meet the specific requirements of clients, such as trading under a particular percent of average daily volume in stock.
BNY ExecutionPlus also provides institutions with the ability to utilize Pershing LLC's online account management platform, NetExchange Pro. Through NetExchange Pro, customers can gain access to account information, quotes, investment research, news and other third-party content. Pershing is a subsidiary of The Bank of New York Company, Inc.
Andrew Bell, executive vice president and head of Europe Global Investor Services at The Bank of New York, said, "This product combines the power of Pershing's execution and clearing capabilities with the world class custody capabilities of The Bank of New York. The appointment is testament to our scale and expertise in being able to provide a solution to our clients via a cost effective trading and settlement service. This not only maximizes a customer's productivity and profitability, but also reduces their operational risk."
Francisco Lucar, senior manager, operations at Royal Bank of Canada (Suisse), said, "Not only does BNY ExecutionPlus help address some of the operational risk associated with trading in the US markets, but the economic advantages are also clear. Paying a single, bundled commission covering all costs of processing the transaction will help us to maintain strong profitability as cross-border equity trading volumes continue to rise. We look forward to streamlining our trading process so in turn we can provide our clients with the best possible services."