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December 7, 2006

Bank of America launches real-time equity options

Bank of America has added a real-time, post-trade reporting system for equity options to its InstaQuote direct market access platform. The new system will facilitate real-time trade matching, clearing and settlement across all US listed options exchanges via the Options Clearing Corporation's data distribution service.

By CBR Staff Writer

With the launch of this service, Bank of America says that it is the first OCC member and prime broker to process OCC clearing data electronically and in real-time via its own trading platform.

We have seen our clients increase their trading of equity options and this new functionality will provide them with quicker, more efficient trade execution and better integration of front- and back-office functions, said Dean Curnutt, head of institutional equity derivative sales for Bank of America.

This enhancement is designed to enable faster, more accurate trade confirmation and eliminate the lapse between allocation and settlement of equity derivative orders executed through InstaQuote.

Equity derivatives are used widely by hedge funds and as a result the demand for more sophisticated technologies has increased dramatically, said Chris Pesce, global head of prime brokerage for Bank of America. Our new real-time reporting system significantly enhances their ability to manage risk and understand exposures.

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