The development comes as a result of a new partnership between the Bank of New York (BoNY) and Standard & Poor’s, according to the news release.
Under the agreement, BNY Brokerage will acquire certain assets and liabilities of Standard & Poor’s Securities, Inc. (SPSI), the institutional brokerage subsidiary of Standard & Poor’s.
As a result of the alliance, BNY Brokerage will provide SPSI’s clients with direct market access and broker-assisted capabilities that offer choice in trading models. The transaction is subject to regulatory approval and is expected to close at the end of February 2005.
BNY Brokerage is an institutional agency brokerage firm offering a range of execution and commission management services to money managers, institutional broker-dealers and plan sponsors. Additional information on BNY Brokerage is available at www.bnybrokerage.com .