BNY Offers Daily Soft Dollar Information to Independent Research Users

NEW YORK (HedgeWorld.com)–BNY Securities Group, The Bank of New York’s brokerage arm, has improved commission reporting to its clients. The brokerage’s interactive commission portal now offers a daily account snapshot with

day-to-day, year-to-date breakdowns of trading commissions for the purchase of independent research.

Joseph Velli, senior executive vice president of The Bank of New York and head of BNY Securities Group, said in a statement that the enhanced portal would help asset managers deal with anticipated disclosure requirements. He expects additional disclosure will lead to a greater use of commissions to obtain independent research.

“We believe that the use of commissions to purchase research offers substantial benefits to investors and is an integral part of the investment process, and that more complete disclosure of how commissions are utilized should be provided to fund managers and investors,” Mr. Velli said.