The Bank of New York's Global Collateral Management Group Announces the Implementation of Its...

Business Editors

NEW YORK--(BUSINESS WIRE)--Jan. 27, 2003

The Bank of New York's Global Collateral Management group today announced the implementation of its dynamic continuous optimization (DCO) service.

The DCO service optimally allocates a client's available collateral

to satisfy its obligations in a fully automated manner. The process, which can be tailored on a client-by-client basis to adhere to business or relationship parameters that may apply to an account, provides the Bank's clients with more efficient and cost effective use of their global collateral. The Bank's DCO service uses proprietary algorithms to ensure that each security is optimally utilized, relative to all other available securities, even as the pool of available collateral changes throughout the day.

Art Certosimo, senior vice president and head of broker dealer services at The Bank of New York, said, "The implementation of DCO is another step in the evolution of our global collateral management product, and we are pleased that we can now offer our clients the ability to maximize usage of their collateral pool globally and across all of their relationships in our program. Our priority is meeting our clients' needs, and we are committed to allocating the resources required to provide them with state-of-the-art capabilities."

The Bank of New York, founded in 1784 by Alexander Hamilton, is the United States' oldest bank and is the principal subsidiary of The Bank of New York Company, Inc. (NYSE:BK), a financial holding company. With over $77 billion in total assets as of December 31, 2002, the Company provides a complete range of banking and other financial services to corporations and individuals worldwide through its basic businesses, namely, Securities Servicing and Global Payment Services, Corporate Banking, BNY Asset Management and Private Client Services, Retail Banking, and Global Market Services. Additional information on the Company is available at www.bankofny.com.