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Pershing reports clearing services deal with Mexico's Enlace

03 December 2007  |  1932 views  |  0 Source: The Bank of New York Mellon Corporation

Pershing LLC, a subsidiary of The Bank of New York Mellon Corporation, has been appointed by Enlace Int, S.A. DE C.V., to act as a principal clearing agent, focused specifically on its Mexican sovereign debt transactions.

Enlace is one of the largest inter-dealer brokerage firms in Mexico and a member of the Mexican Securities Banking Commission.

This agreement establishes Pershing as the first provider of clearing services and settlement capabilities to the Mexican inter-dealer brokerage marketplace. It also further extends Pershing's international reach as a leading global provider of business solutions to many of the world's finest institutional and retail financial organizations.

Pershing's PerNet system, an innovative, Web-based middle office platform, will provide Enlace with the ability to monitor and reconcile accounts and trades and view transactions and reports based on customizable parameters. PerNet is fully integrated into Pershing's technology infrastructure and enables it to manage and oversee trade flows and counter-party risk on behalf of its customers.

Eduardo Riba, chief executive officer of Enlace Int, said, "Pershing has provided reliable and unparalleled clearing and settlement services to many leading global financial organizations for nearly 70 years. Their expertise in clearing our sovereign debt transactions will further enable us to continue to successfully grow our business."

Frank La Salla, managing director of the global securities services group at Pershing, said, "As Mexico's fixed income market continues to grow, it will require specialized expertise and an array of sophisticated, market-leading business solutions. Our agreement with Enlace adds a new dimension to our institutional fixed income clearing capabilities, and underscores our commitment to expand our global business. Enlace will benefit from our strategic focus on helping our customers enhance their business operations."

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