Momtchil Pojarliev
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Some Like It Hedged

BNP Asset Management's Pojarliev discusses a variety of options to address foreign currency exposures. Although there is no single best-practice solution for addressing foreign currency exposures, institutional investors have three main choices, he says.

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May 10, 2006

2006 Traders Magazine Survey of Correspondent Clearing Firms

By Editorial Staff

Also in this article

ADP Clearing & Outsourcing Services

55 Water Street, New York, N.Y. 10041, (888) 294-5681, fax: (212) 747-3260,

Services: ADP Clearing & Outsourcing Services provides full-scale execution, clearing and business enhancement services and a vast array of financial products and services to retail and institutional broker-dealers. Our offerings include wealth management products, asset management accounts, fee-based managed money programs, top-rated research, extensive mutual fund offerings, a full range of online reporting tools and resources, and a variety of retirement plan accounts. Our technology platform supports a Web-based broker workstation, electronic documents, cold-storage capability and a Correspondent Resource Center. Each client is assigned a dedicated relationship manager and has direct access to our Operations Groups. We assist our clients with broker recruiting, and ongoing sales and product training. ADP's three-tier service offering enables each institution, regardless of size, to choose the appropriate range of outsourcing services to best meet its needs on a single platform: service bureau, operations outsourcing or correspondent clearing.

Number of correspondents: 100

Correspondents: Retail, institutional, prime broker

Parent company: Automatic Data Processing

Contacts: Sales, (888) 294-5681

Bear Stearns Securities Corp.-Global Clearing Services

383 Madison Ave., New York, N.Y. 10179,

(888) 850-5192, fax: (212) 272-5321,

Services: Bear Stearns Broker-Dealer Services is an integral part of Global Clearing Services, a leader in the clearing and custody industry for nearly 30 years. GCS is one of Bear Stearns' three main operating divisions, and provides a complete range of services through three integrated business groups: Broker-Dealer Services, Prime Brokerage and Advisor Services. These groups leverage a custody, operations, technology and order routing infrastructure provided by Bear Stearns Securities Corp., and the execution capabilities of Bear, Stearns & Co., to support broker-dealers, investment advisers and hedge funds. Broker-Dealer Services provides clients full access to the resources of the Bear Stearns Cos., and enables them to retain their best customers while competing for new business with their competitors.

Number of correspondents: More than 340 fully disclosed correspondent clients

Correspondents: Institutional, money managers, retail, hedge funds and registered investment advisers

Parent company: The Bear Stearns Cos.

Affiliate companies: Bear Stearns & Co., Bear Stearns Securities Corp., Bear Stearns International Ltd., Bear Stearns International Trading, Bear Stearns Bank Plc, Bear Stearns Capital Markets, Bear Stearns Credit Products, Bear Stearns Financial Products, Bear Stearns Mortgage Capital, Custodial Trust Co., EMC Mortgage

Contacts: Ron Suber, senior managing director and director of global clearing sales, (888) 283-8389, fax: (415) 288-2401,; Joe Triarsi, senior managing director and director of broker dealer sales, (888) 850-5192,

fax: (212) 272-5321,

BMO Nesbitt Burns

1 First Canadian Place, P.O. Box 150, Toronto, Ont., Canada M5X 1H3, (416) 359-4000, fax: (416) 359-4311,

Services: BMO Nesbitt Burns offers correspondent clearing of securities transactions and some clearing of futures and other financial obligations.

Correspondents: Institutional

Parent company: Bank of Montreal

Affiliate companies: BMO Nesbitt Burns, Harris Bank, Harris Nesbitt

Contacts: See above


A division of Merrill Lynch, Pierce, Fenner & Smith Incorporated

101 Hudson Street, 7th Floor, Jersey City, N.J., 07302, (312) 431-7110, fax: (312) 431-7241,