Santini, Laura
May 2003
Investment Dealers' Digest;5/12/2003, Vol. 69 Issue 19, p32
Trade Publication
Wall Street's clearing executives have a host of worries, but perhaps the biggest one on their minds is whether or not they will be caught up in the consolidation wave that is starting to sweep the industry. For years, the Street has sought to improve the clearing and settlement processing systems, in an attempt to move close to real-time processing. More firms are likely to outsource operations to bigger players or set up units in countries where cost of labor is cheap, says Robert Hogan, chief operations officer at Bane of AmericaSecurities and chairman of the Securities Industry Association's annual operations conference in Boca Raton, Florida, referring to U.S. manufacturers that have erected shops in India or Southeast Asia.Pershing Ltd. and Bear Stearns Securities Corp. are two top players in this business, but many large firms, having built the infrastructure to clear their own trades, maintain some kind of correspondent clearing business.


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