Pershing LLC, a subsidiary of The Bank of New York Company, Inc., has enhanced its fixed income market-making capabilities by becoming a new market maker on NYSE Bonds, the New York Stock Exchange’s (NYSE) innovative electronic corporate bond trading platform. The company announced the development on April 24, 2007.
As a NYSE Member and market maker on the NYSE Bonds platform, Pershing’s fixed income trading desk will be a liquidity provider and will have the ability to electronically enter orders to buy or sell bonds listed on the platform. This new pool of liquidity will enhance Pershing’s fixed income offering for its introducing broker-dealer customers and the clients they serve, and to independent registered investment advisors and their clients through Pershing’s affiliate, Pershing Advisor Solutions LLC.
Pershing makes a market in eight fixed income asset classes, including investment-grade and high-yield corporate bonds, municipal securities, agencies, mortgage-backed securities, U.S. Treasuries, preferred stock, money market instruments and emerging market debt.
John Holman, vice president of fixed income at NYSE Group, Inc., said, “NYSE Bonds is designed to be the industry’s most transparent, fair and efficient bond trading platform. The addition of Pershing as an NYSE Bonds market maker reinforces that mission and demonstrates our commitment to creating the most liquid system supported by the fixed income market’s most prominent participants.”
Ted Bragg, managing director of fixed income trading in the trading services group at Pershing, said, “As a leading provider of trading services solutions for the debt capital markets, we embrace new execution venues like NYSE Bonds that serve our customers’ needs. We look forward to accessing the new platform to provide our customers with high-quality execution and access to new sources of liquidity.”
Pershing LLC is a leading global provider of clearing and financial services outsourcing solutions to more than 1,100 institutional and retail financial organizations and independent investment advisors who collectively represent nearly six million individual investors.