New member admitted to Irish Stock Exchange

Pershing Securities International Ltd has been admitted as a new member of the Irish Stock Exchange.

The firm is newly-established in Ireland and its ultimate parent company is the Bank of New York.

It provides a 'back office' facility for financial services outsourcing, including clearing, settlement, custody and other administrative services to Irish stockbroking firms and other firms located outside the UK.

Its immediate parent Pershing Ltd and its sister company Pershing Securities Ltd provide Model A and Model B services in the UK respectively to over 100 correspondent firms and have done so for over 10 years.

Pershing Securities' membership of the Exchange will be restricted to providing settlement and clearing services on a Model A and Model B basis only. It is also authorised to provide nominee holding, custody and safekeeping facilities.

Under a Model A arrangement Pershing Securities International Ltd provides a "back-office for hire" service.

Under a Model B arrangement Pershing Securities International Ltd will become the legal counterparty for trades and will adopt the settlement risk associated with those trades and as a result has a contractual obligation with the underlying client.

Pershing Securities International Ltd's immediate parent Pershing Ltd and its sister company Pershing Securities Ltd provide Model A and Model B services in the UK respectively to over 100 correspondent firms and have done so for over 10 years.

Pershing Securities International Ltd's membership of the Exchange will be restricted to providing settlement and clearing services on a Model A and Model B basis only.

It is also authorised to provide nominee holding, custody and safekeeping facilities.