Bank of America Merrill Lynch Transfers InstaQuote® to REDI
NEW YORK--(BUSINESS WIRE)-- As announced earlier this week, Bank of America Merrill Lynch has established an equity interest in REDI Holdings LLC (REDI), the technology provider of REDIPlus® Execution Management System (EMS). As part of the agreement, InstaQuote®, BofA Merrills own multi-asset class EMS will be transferred to REDI.
During the transition, existing InstaQuote clients will be migrated in an orderly fashion. All BofA Merrill algorithms and routes will be immediately available and can be utilized by all REDIPlus users.
We look forward to merging the technology from InstaQuote with REDI so clients can continue to leverage our liquidity and trading solutions on this well capitalized EMS with Global capabilities and advanced functionality, said Ashok Krishnan, head of Global Execution Services.
In addition to REDI, BofA Merrill will continue to support clients with a wide variety of EMS platforms based on their trading preference.
REDI Holdings (REDI) operates the REDIPlus® Execution Management System, a leading global technology platform offered across the Americas, EMEA and Asia-Pacific through its subsidiaries, including REDI Global Technologies LLC, a registered U.S. broker-dealer and member of FINRA. REDIPlus supports a wide breadth of asset classes, markets and trading strategies offered through its broker network, providing clients with access to a range of financial technology solutions. To learn more, visit www.redi.com.
Bank of America (BAC)
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. We serve approximately 51 million consumer and small business relationships with approximately 5,300 retail banking offices and approximately 16,350 ATMs and award-winning online banking with 30 million active users and more than 13 million mobile users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.
Bank of America Merrill Lynch is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (Investment Banking Affiliates), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered as broker-dealers and members of FINRA and SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured " May Lose Value " Are Not Bank Guaranteed.
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Reporters May Contact:
Kerrie McHugh, BofA Merrill, 1.646.855.3375
Source: Bank of AmericaCopyright Business Wire 2013