Pershing, a subsidiary of The Bank of New York Mellon Corporation, has been appointed by Enlace, an inter-dealer brokerage firm in Mexico, to act as a principal clearing agent, focused specifically on its Mexican sovereign debt transactions.
This agreement establishes Pershing as the first provider of clearing services and settlement capabilities to the Mexican inter-dealer brokerage marketplace. It also further extends Pershing’s international reach as a leading global provider of business solutions to many of the institutional and retail financial organizations.
Pershing’s PerNet system, an innovative, web-based middle office platform, will provide Enlace with the ability to monitor and reconcile accounts and trades and view transactions and reports based on customizable parameters. PerNet is fully integrated into Pershing’s technology infrastructure and enables it to manage and oversee trade flows and counter party risk on behalf of its customers.
Eduardo Riba, chief executive officer of Enlace, said: Pershing has provided reliable and unparalleled clearing and settlement services to many leading global financial organizations for nearly 70 years. Their expertise in clearing our sovereign debt transactions will further enable us to continue to successfully grow our business.