Pershing Enters Nordic Region

February 16, 2009

Bank of New York Mellon Corp. subsidiary Pershing will provide Nordnet, a Stockholm-based online brokerage, with clearing and trading services. It is the first Scandinavian customer for Pershing, the largest correspondent clearing firm by number of correspondents.

Frank La Salla, managing director of Pershing's global securities services group, called Nordnet "one of the largest and most highly regarded financial institutions in Sweden." Nordnet's head of trading, Martin Andersson, said that his firm opted for Pershing "because of its global reach and robust clearing and execution services in more than 65 markets worldwide." Pershing added that Bank of New York has had clients in the Nordic region for almost a century and recently opened a relationship management office in Copenhagen.

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