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BoNY, Tessler and ING: setting a precedent for consolidation in equities clearing |
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Bank of New York and ING expect the outsourcing deal struck by the two banks last month to set a precedent for consolidation in equities clearing on the sell side. And if BoNY can convince more banks to hand over back-office operations it will be on to a winner. But in the long term, if the debate on central market clearing services is resolved, the case for outsourcing may diminish.
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