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Sell-side outsourcer hits the big time

Equities clearing

BoNY, Tessler and ING: setting a
precedent for consolidation in
equities clearing

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.

ING has agreed to outsource its entire cash equities back office to BoNY, which means BoNY will run clearing and settlement operations for ING's cash equities desk. Until now, ING has run this business in-house.

As part of the deal, ING will give up its custom-built proprietary system and move to BoNY's Wilco Gloss system, which is based on technology widely available to financial institutions.

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