19 January 2018
visit www.ebaday.com

Pershing offers customers access to certificate of deposit account registry service

06 November 2008  |  968 views  |  0 Source: Pershing

Pershing, a subsidiary of The Bank of New York Mellon Corporation, announced today that it has begun making the Certificate of Deposit Account Registry Service (CDARS) available to its introducing broker-dealer and independent registered investment advisor (RIA) customers.

This new solution will enable Pershing's customers to offer their clients an efficient way to invest large dollar amounts in FDIC-insured certificates of deposit (CDs). CDARS is managed by Promontory Interfinancial Network, LLC.

CDARS provides Pershing's customers' clients with the ability to disperse deposits in individual CDs or time deposits in increments of less than $100,000 at member banks and financial organizations across the country--analogous to an investor purchasing CDs or time deposits at several local banks. It offers both individual and institutional investors access to up to $50 million of FDIC insurance per separately insurable entity. Pershing's customers' clients will also benefit from receiving one consolidated statement detailing their CD investments.

Pershing is the largest clearing firm to offer CDARS to institutional and retail financial organizations and RIAs. The introduction of CDARS further enhances Pershing's ability to provide its customers with a wide range of robust trading services, which include equity and fixed income trading, international trading, flexible cutting-edge technology, operational support and best execution. This new solution is available to introducing broker-dealer firms through Pershing LLC and to RIAs via Pershing's affiliate, Pershing Advisor Solutions LLC.

Ted Bragg, managing director of fixed income sales and trading at Pershing, said, "We are pleased to provide our customers with a fixed income solution that will help them maintain their clients' assets through an FDIC-insured offering. The addition of CDARS further reinforces our commitment to provide introducing broker-dealer firms and RIAs with the tools and capabilities they need to grow their businesses."

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.fivedegrees.nlvisit www.thomsonreuters.infovisit www.vasco.com

Top topics

Most viewed Most shared
Europe begins Open Banking era in subdued styleEurope begins Open Banking era in subdued...
11668 views comments | 33 tweets | 38 linkedin
BofA leads on blockchain patentsBofA leads on blockchain patents
7105 views comments | 11 tweets | 12 linkedin
Standard Chartered establishes fintech innovation and investment unitStandard Chartered establishes fintech inn...
6553 views comments | 14 tweets | 14 linkedin
hands typing furiouslyFintech Adoption is About People, Not Tech
6301 views 1 | 6 tweets | 2 linkedin

Featured job

Find your next job