ING Outsources Clearing to BoNY
OUTSOURCING
LONDON--The Bank of New York (BoNY) will provide ING’s financial markets and brokerage operations with outsourced equity clearing services, which the firms are hailing as the largest outsourcing arrangement in Europe. However, neither firm is disclosing the amount of volume to be cleared nor the terms of the transaction. BoNY will provide various services, including cash and equity trade confirmations and statement and settlement of trades. As part of the deal, up to 100 ING employees in
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