The Bank of New York has been appointed US clearing and custody agent by Jiway Broker Services (JBS), the trade clearance arm of the European online brokerage.
Under the agreement, BNY will provide Jiway with same-day turnaround of all stocks passing through the Depository Trust Corporation. Art Certosimo, senior vice president of broker dealer services at The Bank of New York, says. "In today's marketplace, there is a great demand globally for institutions able to combine transaction processing expertise with portfolio servicing in a meaningful fashion."
London-based Jiway currently offers consumers prices on 1300 shares from France, Sweden, Germany, Holland, the US and the UK. During the first half of 2001, Jiway intends to add additional shares from these markets and begin trading in Italian and Swiss stocks.