Pershing LLC, a subsidiary of The Bank of New York Company, Inc., has introduced a reporting tool for fee-based brokerage accounts. The tool is designed to help Pershing’s introducing broker-dealer customers comply with NASD requirements and the New York Stock Exchange Rule 405A, which calls for introducing broker-dealers to determine if their clients are appropriate for fee-based brokerage accounts.
Pershing LLC says that the new reporting tool will enable introducing broker-dealers to monitor the activities of their clients’ fee-based brokerage accounts supported in Avail, Pershing’s fee-based brokerage processing platform.
This tool is accessible through eAnalytics, Pershing’s comprehensive reporting and business intelligence tool that enables customers to sort through business data, including trade executions and customer balances, and produce customised reports based upon the search criteria entered by investment professionals or management at introducing broker-dealer firms.
“As the compliance and regulatory environment continues to rapidly evolve, we remain committed to providing our customers with best-of-breed business and practice management solutions that help them comply with new regulations,” says Ron Fiske, the MD at Pershing. “This new reporting tool will provide our customers with a more efficient way to view and analyse critical business information.”