IDCGImaging and Distributed Computing Group
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With the rapid changes occurring in the clearing and settlement process for derivatives, our clients want a capable, stable partner that has membership in clearing organizations like IDCG to support their growing and evolving trading needs," said Sanjay Kannambadi, CEO of BNY Mellon Clearing, LLC.
O'Connor, CEO of IDCG said, "IDCG is pleased to welcome BNY Mellon Clearing onto our platform.
IDCG brings a centrally cleared solution to the largest segment of the OTC derivatives marketplace, specifically interest rate derivatives.
IDCG is a majority owned, independently operated NASDAQ OMX subsidiary that serves as a designated clearing organization for clearing and settling interest rate swap contracts and other fixed income derivatives contracts.
In addition to the equity stake, IDCG will utilize The Bank of New York Mellon's securities servicing products, including margin and collateral management.
On the other hand, the clients of Newedge can continue to execute IRSs in the well-established OTC market while reducing counterparty risk by simultaneously navigating their positions to IDCG, which will also allow segregation of funds protection.
Another online travel advertising product of IDCG is MiGuiaVegas.
The proposed merger subject to all parties' agreement would be effective in January 2002, and shareholders of record would receive IDCG stock in exchange for ID Four stock at the relative market values on the agreed date of execution.