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MiFID II Reaches Across the Pond: Is This the Calm Before the Storm?

Despite the view that MiFID II is a European regulation, US investment managers are experiencing disruption as they align their research payment and execution practices with the influential standard.

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As the SEC Tick Pilot is soon to expire, in your opinion, was it a solid fact finding mission or folly?

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March 1, 2002

BNY ESI's Chief Prepares Assault

By ohn A. Byrne

It is an unmistakable sign that The Bank of New York's brokerage and clearing sector - in a new phase of expansion - will butt heads with two major rivals, Barclays Global Investors and State Street.

Firing on all six of the proverbial cylinders, BONY's banking and clearing sector is marketing a new portfolio rebalancing service for money managers, launching ADR Direct, a platform for trading American Depositary Receipts, integrating G-Trade Services (the wholesale execution services it acquired from Credit Lyonnais), and aborbing Autranet, the agency brokerage previously operated by Credit Suisse First Boston.

Carey Pack, recently promoted from managing director to president of BNY ESI, the bank's agency brokerage subsidiary, identifies Barclays and State Street as his main competition.

Pack says the new-look brokerage and clearing sector will reduce costs and provide its 750 institutional clients with an expanded range of products. "The portfolio rebalancing business is ripe for growth," Pack told Traders Magazine. "More plan sponsors are looking for professionals like us. [Some] money managers don't have the best interests of the sponsors at heart. We're a major custodian and well positioned,"