Pershing, a subsidiary of The Bank of New York Mellon Corporation, announced today that it has established a business relationship with Nordnet Bank AB (Nordnet).
The relationship enables Pershing to provide Nordnet with its comprehensive array of clearing and trading services solutions for Australian, Canadian, U.K. and U.S. dollar equities. Nordnet is headquartered in Stockholm, Sweden and is a leading online broker in the Nordic region.
Pershing's agreement with Nordnet represents its first clearing relationship in Scandinavia and builds upon nearly a century of business growth in the Nordic region for The Bank of New York Mellon. The agreement also extends Pershing's international reach and reflects its long-term commitment to continue working closely with many of the world's leading institutional and retail financial organizations to help them grow their businesses.
Martin Andersson, head of trading at Nordnet, said, "We selected Pershing because of its global reach and robust clearing and execution services in more than 65 markets worldwide. Pershing's experience and breadth of services and solutions will provide us with the support we need to achieve continued success."
Frank La Salla, managing director of the global securities services group at Pershing said, "Nordnet is one of the largest and most highly regarded financial institutions in Sweden. We are pleased to have the opportunity to work closely with Nordnet and are confident that our consultative approach, trading solutions and expertise will help them better serve their clients and grow their business."
The Bank of New York Mellon has relationships in the Nordic region dating back to the early 1900s and conducts business through its London office and newly established relationship management office in Copenhagen. In addition to being the global leader in asset servicing, The Bank of New York Mellon is one of the largest asset managers, treasury services providers and depositary receipt banks both regionally and globally.