Bank Of New York Buys ESI, Tradebook's B-Trade Is Part Of Deal
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By acquiring ESI Securities and its B-Trade Services subsidiary, the Bank of New York is getting ready to bolster the processing services it offers its trust banking and custodial clients. The bank is also jockeying for position in a clearing and settling market that, while fragmented now, is rapidly consolidating.
"We have a lot of clients in common with ESI," says Joe Velli, an executive vice president with the Bank of New York and the head of the securities processing unit. "Plus many of our
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